For the low low price of 250 million dollars, you can have a medical school named after you! Introducing the Temerty School of Medicine

[James Nystead]

https://www.utoronto.ca/news/university-toronto-receives-single-largest-gift-canadian-history-james-and-louise-temerty

University of Toronto receives single largest gift in Canadian history from James and Louise Temerty to support advances in human health and health care

[Hanmari]

So glad I got out before this.

[DrOtter]

I mean $250 million is a lot of money!! And it will help so much in research as well as medical education and financial aids to incoming students. The only thing I'm concerned with is whether this donation comes any strings and they get to make decisions on the initiatives and actions taken by the university.

[IMislove]

36 minutes ago, DrOtter said:

any strings and they get to make decisions on the initiatives and actions taken by the university

Hence the above comments/ the rub of the whole thing.

[ellorie]

Better than the Cumming School of Medicine...

[rmorelan]

you used to get a building, but now you get the entire school Interestingly I think you can only do this once (or things get at least a little awkward). Not sure what that will mean in 25 years when someone else wants to put a lot of money towards something. I am going to be annoyed if names start getting hyphens in them. 

Also the rich people better hurry up - we are running out of med schools to name! 

Probably going to take a bit to digest as well - at Western the entire Schulich thing went down like a lead ballon for awhile - for reasons both fair and somewhat illogical. 

I will have to await all the updated logos and what not. So much new formatting I am sure coming. This is probably going to end up in all the school clothing as well (I am going to have to get an old style hoodie while I can ha). 

 

[rmorelan]

2 hours ago, DrOtter said:

I mean $250 million is a lot of money!! And it will help so much in research as well as medical education and financial aids to incoming students. The only thing I'm concerned with is whether this donation comes any strings and they get to make decisions on the initiatives and actions taken by the university.

there are always strings (or I prefer to call them golden chains - they won't force anyone to do any particular thing, but if you want to do X there is money for it, and if you want to do Y you are on your own). 

[MedicineLCS]

So long as it doesn't end like UBC law's donor debacle it can't be all bad:

https://www.theglobeandmail.com/canada/article-donor-peter-allard-sues-ubc-demands-his-name-be-printed-on-all-law/

[rmorelan]

2 hours ago, MedicineLCS said:

So long as it doesn't end like UBC law's donor debacle it can't be all bad:

https://www.theglobeandmail.com/canada/article-donor-peter-allard-sues-ubc-demands-his-name-be-printed-on-all-law/

ha, that is just pure ego in action (along some serious misunderstanding on both parties). 

[rmorelan]

6 hours ago, rmorelan said:

there are always strings (or I prefer to call them golden chains - they won't force anyone to do any particular thing, but if you want to do X there is money for it, and if you want to do Y you are on your own). 

oh I forgot to mention - along with that is if you do something that matches the donation objections there are various new awards you can get, and you are more likely to be promoted as you share the "common vision of the organization". I mean you want to be a team player don't you (and well often you do because the goals of the newly funded things are well good things....usually)? 

 

Edited September 25, 2020 by rmorelan

[premed72]

Just a curious question because I think this is interesting: what kind of "cons" would come with a decision like this? What has happened at other schools in the past? 

[indefatigable]

Only 12 opportunities left in Canada!  Going fast - get your name immortalized while you can!

Here's a list by donation size and year:

• Schulich (Western) $26M (2004)
• Rady (Manitoba) $30M (2016)
• Cumming (Calgary) $100M (2014)
• DeGroote (McMaster) $105M (2003)
• Temerty (Toronto) $250M (2020)

Schulich and Rady had the best bargains, relatively speaking.  DeGroote paid highly considering the donation was made 17 years ago.

 I think a school in Quebec may be next - UofT was a major precedent.  Jean Coutu Faculté de Médecine maybe?

[capoo]

1 hour ago, indefatigable said:

Only 12 opportunities left in Canada!  Going fast - get your name immortalized while you can!

Here's a list by donation size and year:

• Schulich (Western) $26M (2004)
• Rady (Manitoba) $30M (2016)
• Cumming (Calgary) $100M (2014)
• DeGroote (McMaster) $105M (2003)
• Temerty (Toronto) $250M (2020)

Schulich and Rady had the best bargains, relatively speaking.  DeGroote paid highly considering the donation was made 17 years ago.

 I think a school in Quebec may be next - UofT was a major precedent.  Jean Coutu Faculté de Médecine maybe?

The pharmacy building at UdeM is already named “pavillon Jean-Coutu” FYI!

[shady]

2 hours ago, indefatigable said:

Only 12 opportunities left in Canada!  Going fast - get your name immortalized while you can!

Here's a list by donation size and year:

• Schulich (Western) $26M (2004)
• Rady (Manitoba) $30M (2016)
• Cumming (Calgary) $100M (2014)
• DeGroote (McMaster) $105M (2003)
• Temerty (Toronto) $250M (2020)

Schulich and Rady had the best bargains, relatively speaking.  DeGroote paid highly considering the donation was made 17 years ago.

 I think a school in Quebec may be next - UofT was a major precedent.  Jean Coutu Faculté de Médecine maybe?

DeGroote paid another $50 million in 2014 to McMaster. Nice of him.

But I still call it "McMaster Medicine". Don't like those names... :/

[indefatigable]

On 9/25/2020 at 8:44 PM, premed72 said:

Just a curious question because I think this is interesting: what kind of "cons" would come with a decision like this? What has happened at other schools in the past? 

Since it's typically irreversible, probably the biggest risk is branding: if the benefactor's name lose its shine but is now associated with the institution.  

 Usually takes a relatively long time - e.g. McGill or Rhodes (slave-owning and colonialism,..), but can happen much faster.  For example, the Sackler family made their fortune in part because of OxyContin and is now considered tainted - but there's already a medical school named after them in Tel Aviv.  

There could also be a feeling of lost opportunity - e.g Schulich (Western) renamed themselves for (a mere) $26M which was a fraction of the donation received at both UofT and McMaster.  

On 9/26/2020 at 2:15 PM, keipop said:

The pharmacy building at UdeM is already named “pavillon Jean-Coutu” FYI!

First step!  Negotiations will probably intensify with the example from Toronto which will help sell to the academic community.  Probably a question of price (my guess around $100-50 M) and whether Jean's kids, grand-kids, great grand-kids, etc.. would let it go through.

On 9/26/2020 at 2:55 PM, shady said:

DeGroote paid another $50 million in 2014 to McMaster. Nice of him.

But I still call it "McMaster Medicine". Don't like those names... :/

Well, well.. a hold-out

Yeah - McMaster seems to know how to negotiate - they know a captive benefactor when they see one.