Interim Dean Philip Regier of the W.P. Carey School of Business submitted a plan last week to ASU President Michael Crow and Vice Provost Milton Glick outlining a strategy to use a $50-million gift toward "people and programs."
In January, when the ASU College of Business announced the gift, which will be received in several installments, the details were confidential and finalized in May.
"The money is not meant for new buildings or brick-and-mortar projects like the project green-lighted by Crow at Mill Avenue and University Drive," said Mark Weiss, director of the Development Office for the business school.
As stipulated in the agreement formed between the college and W.P. Carey & Co., LLC, which made the donation, the gift would only be used to enhance programs and find well-respected faculty.
The three main areas that serve as a focal point of Regier's plan are W.P. Carey Chair Professorships, scholarships and fellowships.
"We have standards by which we measure success," Regier said. "All departments have to improve; the real focus is on top-25 rankings."
U.S. News and World Report recently released its rankings of America's best colleges and lists the business school's undergraduate program as 21st in the nation, with five majors in the top 25.
But Carey, whose money is on the line, differed slightly in his vision for the school when he spoke to the Arizona Economic Club of Phoenix last spring, saying that rankings weren't everything.
"They're fun to look at, and we'll certainly try to address those," Carey said. "But the main thing is to be able to educate tomorrow's leaders, whether the statistics show that or not."
Regier said he also hopes to add eight to 12 "star faculty" members over the next five years. The new faculty would be given titles as W.P. Carey Chairs in accounting, marketing and supply-chain management, among other departments. The positions are the highest-ranking chairs offered by the college.
"We will be looking for internationally-recognized scholars who teach at the very highest level in their area," said Regier, who will begin recruiting once his plan is approved.
Undergraduate scholarships and graduate fellowships will be enhanced with particular emphasis on the business honors program. The awards could range from $1,000 to $4,000 apiece, and winners would be announced in mid-spring for use during the 2004-05 school year.
Programs offered by the business school include many emphases for non-degree, bachelors, masters and doctoral students.
Regardless of student level, all programs need to recognize higher standards, Regier said.
"The best programs are great in all of the basic business areas," he said. "We want to have high rankings for our full-time MBA, undergraduate and Ph.D. programs, and we need to strategically invest in these programs."
Reach the reporter at michael.miklofsky@asu.edu.
