Best Buy founder and Edina-native Richard Schulze's foundation is donating $40 million to the University of Minnesota. The gift is the largest ever from an individual or family foundation and the second largest overall.
The gift, announced Thursday, will be paid over five years and will fund diabetes research.
The university will rename its Diabetes Institute for Immunology and Transplantation the Schulze Diabetes Institute.
"We felt the time was right to choose a direction that would advance to a cure in the next five years," Schulze said. "The University of Minnesota, its president and board are committed to collaborating internally and externally to make it the center of excellence it needs to be to accomplish this goal."
Schulze's gift is second only to the $65 million cancer research grant that Minnesota Masonic Charities gave to the university earlier this year.The University will use the money to search for a cure for type 1 diabetes.
Schulze is No. 105 on the Forbes list of the richest Americans with a net worth of $3.5 billion. Schulze is still the Best Buy chairman.
We're glad to see rich Americans giving their money away during the holiday season. It gives us hope that they are good people out there. Schulze, please don't become a good guy turned bad like Tom Petters.