UVA announces $25 million gift

A $25 million gift will help the University of Virginia pay for a new academic building and business program.

U.Va. announced Tuesday the multimillion gift from The Chris and Carrie Shumway Foundation in a post on its communications website. Part of the gift will be matched with $3.5 million from the University’s Strategic Investment Fund.

The shot in the arm will fuel work done by U.Va.’s McIntire School of Commerce and its School of Medicine to form educational offerings that combine business concepts with biomedical science and health care leadership studies.

“These funds will ensure McIntire’s ability to accommodate new programs and initiatives, like bioscience/business, with increased numbers of students, faculty and staff for years to come,” Carl Zeithaml, dean of the McIntire School of Commerce, said in a statement.

Chris Shumway is a McIntire School alumnus and the managing partner of Greenwich, Conn.-based Shumway Capital.

News of the $25 million gift comes after UVA’s Board of Visitors approved in December a proposal for a new McIntire School academic building. The new building is planned to be adjacent to the school’s current facilities on the UVA lawn. The planned building will bear the Shumway Foundation’s name.

Elsewhere around campus, U.Va. recently broke ground on a $105 million comprehensive musculoskeletal center that will be about 195,000 square feet.