Three years ago, T. Boone Pickens made the single largest donation in the history of Houston’s MD Anderson Cancer Center: $50 million. But in typical Pickens fashion, his generous gift came with a challenge.
The world renowned research center had 25 years to grow his $50 million to $500 million. If it failed to reach the $500 million mark, it could keep his original gift … but any interest earned would be earmarked for Pickens’s alma mater, Oklahoma State University. Furthermore, until it reached the $500 million mark, his $50 million was restricted from use.
Earlier this month, MD Anderson announced that it had lived up to its end of the bargain … 22 years early.
“I’m delighted that MD Anderson has achieved this within only a few years,” says Pickens. “I have expressed my desire to build a major legacy that would help ensure the excellence of the institution in the decades to come and make life better for those battling cancer. MD Anderson has done just that, and in a remarkable amount of time.”
But the story continues. Pickens’s $50 million gift to MD Anderson was actually one of two bequests he made to leading medical institutions. He gave a second $50 million to UT Southwestern Medical Center in Dallas with exactly the same stipulations.
Read the complete press release from M.D. Anderson HERE.