Stony Brook University Receives 'Historic' $500M Endowment From Simons Foundation

STONY BROOK, NY — The Simons Foundation has awarded a $500 million endowment — the largest unrestricted donation of its kind to an institution of higher education in U.S. history — to Stony Brook University.

The organization's gift is also expected to grow by up to $1 billion in contributions for the university’s endowment by capitalizing on the state’s 1:2 endowment matching program and other philanthropy inspired by this gift.

Officials hope it will cement Stony Brook’s place as "the state's flagship research institution and provide the means to invest in areas most urgent and necessary to help sustain the university’s commitment to educational excellence, research innovation, and community support."

Investments stemming from the $500 million will impact perpetual funding for student scholarships, endowed professorships, innovative research, and excellent clinical care, officials said.

Simons Foundation President David Spergel said that its "mission is to advance the frontiers of research in mathematics and the basic sciences."

“For more than a decade, we have been proud to give to an institution that is at the forefront of educational excellence in the sciences," he said. "It is our sincere hope that this large unrestricted gift will build upon our previous support to Stony Brook, giving students and faculty the ability to dream big and engage in transformative research.”

Gov. Kathy Hochul said, "A world-class, public education has the ability to transform the lives of New Yorkers, which is why in this year's budget we created the first-ever matching fund for endowment contributions for SUNY's university centers."

"Time and again, Stony Brook University forges a bold path forward, from innovation happening at Brookhaven Lab to the economic development throughout Long Island," she said. "With this remarkable contribution from the Simons Foundation, Stony Brook will continue to excel as an internationally recognized research institution and give students the tools they need to succeed."

Stony Brook University President Maurie McInnis said that school officials are "eternally grateful" to Jim and Marilyn Simons and Simons Foundation President David Spergel for their "unparalleled support."

In 1960, the university was given a mandate by the State Board of Regents to become a university that would "'stand with the finest in the country,'" she said.

“Thanks in large part to the generosity of the Simons Foundation, we have done just that, and we have no intention of slowing down," she said. "We take seriously our commitment to our students, our faculty, and our broader community to advance knowledge and contribute to the most significant challenges facing our society. We are so proud of all that we have accomplished as an institution and our best days are ahead of us.”

Jim Simons, who joined Stony Brook University in 1968 as chair of its Department of Mathematics, said he knew then "it was a top intellectual center with a serious commitment to research and innovation."

"But Stony Brook also gave me a chance to lead — and so it has been deeply rewarding to watch the university grow and flourish even more," he said. "Marilyn and I are proud to support this outstanding public university that has given us so much.”

Marilyn Simons, a Stony Brook graduate, said she knows "firsthand the role that a quality education plays in the trajectory of one’s life."

“I am proud of the education I received there," she said. "Jim and I want to ensure that Stony Brook continues to serve its students with the highest level of educational excellence and with world-class resources. The foundation’s gift will also help give those from underserved communities the opportunity to reach their full potential. We look forward to seeing this institution continue to thrive.”

Since the Simons made their first gift of $750 in 1983, they and the Simons Foundation have committed more than $1.2 billion to Stony Brook, while also inspiring over 2,100 other donors to give, officials said.

Their support has led to growth impacting "every corner" of the campus from the Renaissance School of Medicine and the Simons Center for Geometry and Physics to Stony Brook’s Simons STEM Scholars program, nine endowed chairs and professorships in economics, according to officials.

The Simons Foundation committed $100 million to the project's expected $700 million budget as the anchor institution of The New York Climate Exchange. The funds will help establish research, as well as an education and green-economy training hub, that "will transform how the world responds to the climate crisis and pioneer investigation into environmental, community, and health outcomes and impacts," according to officials.

In addition to their financial support, the Simons have provided countless hours of counsel and leadership to advance initiatives like the Stony Brook Women’s Leadership Council mentoring program.

Former mayor Michael Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, noted the Simons have had "a long history of generously supporting the sciences, education, and the health and well-being of New Yorkers."

“This new gift is an extraordinary example of that, and it will help Stony Brook University make critical investments that will empower more students to reach their full potential," he said.

SUNY Chancellor John B. King said the generosity of the Simons has "already changed the lives of millions of New Yorkers, and this historic contribution to Stony Brook University will impact our students and our state for generations to come."

“Today’s announcement will benefit SUNY students through scholarship, academic programs, and research opportunities, and it will enhance Stony Brook’s prominence as a world-class leader of higher education," he said. "The Simons' donation illustrates the power of Governor Hochul’s Endowment Fund Match program to multiply the support of generous donors to expand research and scholarship across SUNY.”

Stony Brook Foundation Board of Trustees Chair Richard Gelfond, a 1976 graduate, said it is his "true honor" to know the Simons and to have had the privilege to work alongside them for more than 30 years.

"Both as an alumnus of Stony Brook and as Board chair, I am grateful for their generous philanthropic support, their leadership, and their friendship," he said. "They have made an indelible impact on the future of the University.”