Grinnell College receives $10M gift for computer science, university needs
The Robert N. Noyce Trust provided Grinnell College with a $10 million gift to establish endowed funds and a faculty position. (Photo courtesy of Grinnell College)
A multimillion-dollar gift from a Grinnell College alum and technology pioneers will help the private university transform its computer science offerings for students, with funds going to faculty, equipment and more.
Grinnell College announced in a news release Monday it received a $10 million gift from the Robert N. Noyce Trust to create an endowed chair in computer science and scholarship for students with financial need, as well as endowed funds for scientific equipment and curriculum development. A portion of the gift will also go into the college's Pioneer Fund, which addresses the college's 'most pressing needs,' the release states.
The endowed chair will use the largest portion of the gift at $4 million, with the rest of the funds split evenly between the scholarship, curriculum and equipment funds. The equipment fund will also go toward maintenance and upgrades 'that support teaching and research in the sciences.'
SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
'As one of the key founders of technologies that shape how we live and learn, communicate and collaborate every day, Robert Noyce exemplified the power of imagination and the courage to seize opportunities with transformational potential,' said Grinnell College President Anne Harris in the release. 'This gift from his wife Ann Bowers not only honors Robert's devotion to Grinnell but also provides generations of Grinnellians with support to meet challenges and rise to opportunities that haven't yet been imagined.'
According to the news release, Noyce was born and raised near Grinnell, graduating from the local high school and earning physics and mathematics degrees from Grinnell College in 1949. He was a cofounder of the Intel Corporation and holds a patent for his 'principal discovery of the integrated circuit.' Noyce also served as a Grinnell College Trustee and has previously donated to the institution. He died in 1990.
Ann Bowers, Noyce's wife, became chair of the trust's board after her husband's death, according to the release. A Cornell University graduate, Bowers worked at Intel in the 1970s as director of personnel and at Apple as the company's first vice president of human resources, the release stated. She also served as a Grinnell College trustee from 1991-1992 and the Cornell University Ann S. Bowers College of Computing and Information Science is named after her.
Computer Science Department Chair Peter-Michael Osera said in the release the endowed chair will be the 10th 'faculty tenure line' in the department, and the number of computer science majors at Grinnell have grown from just 13 in 2015 to 144 this year, many of whom are seeking additional majors in other areas of the university.
A 2023 post-graduate survey cited by the release stated 97% of computer science graduates are either working in their area of study or pursuing further education at their first- or second-choice institutions.
'It is my sincere belief that this generous bequest will inspire others to support Grinnell's brilliant and dedicated faculty and students as they teach, learn, and discover together,' said Bernadine Douglas, vice president of development and alumni relations, in the release. 'Robert Noyce was the force behind discoveries that shape how we live today, but he was also known as 'The Mayor of Silicon Valley' because he recognized the power of collaboration and the potential for technology to have a positive influence on people's lives. It will be exciting to see how these principles, which he and Ann Bowers held dear, will be reflected by the faculty and students who benefit from this gift for years to come.'
SUPPORT: YOU MAKE OUR WORK POSSIBLE

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14-05-2025
- Yahoo
A Buffett-Backed College Faces GOP Tax Threats After Investment Success
(Bloomberg) -- Iowa's Grinnell College for years was in an enviable position. Bolstered by Warren Buffett's guidance decades ago, the tiny liberal arts school has grown its endowment to $2.7 billion, helping fund one of the most generous financial-aid programs in the country. As Coastline Erodes, One California City Considers 'Retreat Now' A New Central Park Amenity, Tailored to Its East Harlem Neighbors Power-Hungry Data Centers Are Warming Homes in the Nordics How a Highway Became San Francisco's Newest Park That success is now a problem. The draft tax bill released by House Republicans this week proposes significantly raising taxes on private universities — with levies based not on the size of the endowment, but on the amount per pupil. That would hit not only the elite schools that have been under scrutiny by the Trump administration, but also smaller liberal arts colleges that rely on their endowments for student needs. Lawmakers proposed a 21% tax rate for schools that have an endowment of at least $2 million per pupil, which includes universities such as Harvard, Yale and Princeton. The scale then slides to 14% for colleges with endowments totaling more $1.25 million per student. Both would be a sharp increase from the current rate of 1.4%. Grinnell had an endowment of about $1.5 million per student in fiscal 2024. Schools such as Pennsylvania's Swarthmore College and Pomona College in California are also at risk of having to pay more in taxes. At Grinnell, a 179-year-old college about an hour's drive from Des Moines, more than 90% of its 1,700 students receive some form of aid. The school also meets 100% of students' demonstrated need without loans. With no aid, the total cost of attendance with tuition and housing is more than $90,000 a year. 'We will be seriously challenged in providing the kind of financial aid that we have been,' Grinnell President Anne Harris said in an interview. Harris estimated the increased taxes would cost the school about $30 million, drastically affecting its budget of almost $190 million. Grinnell paid about $2.4 million in taxes for the most recent year, she said. Corporate Rate The current 1.4% tax rate applies to schools with endowments of at least $500,000 per student. That generated more than $380 million from 56 colleges and universities in 2023, affecting just a fraction of the 1,700 private, nonprofit schools across the country. Now, the wealthiest colleges would face a levy equivalent to the 21% tax rate for US corporations. Such schools have borne the brunt of President Donald Trump's effort to reshape higher-education institutions, based on criticisms that they failed to address antisemitism on campus, place too much focus on diversity and have left-leaning biases. On Tuesday, eight US agencies terminated $450 million in grants to Harvard, escalating a standoff with the nation's oldest and richest university. On its website, the House tax-writing committee touted that its bill 'holds woke, elite universities that operate more like major corporations and other tax-exempt entities accountable, ensuring they can no longer abuse generous benefits provided through the tax code.' Missouri Representative Jason Smith, chair of the committee, said in prepared remarks Tuesday that the top rate applies to 'exclusive universities with the largest endowments, many of whom have failed to protect their Jewish students.' Universities have said that higher taxes will come at the expense of the neediest students, and have mobilized their lobbying efforts on Capitol Hill. Harvard, for example, tapped the Republican-friendly lobbying firm that used to employ Attorney General Pam Bondi. Steven Bloom, assistant vice president for government relations at the American Council on Education, said the proposal will take 'enormous amounts of money' away from financial aid. Smaller schools such as Grinnell 'really spend their endowment resources on financial aid,' Bloom said. 'It's going to have a disproportionate impact to them.' Details of the proposals could still change as the tax bill wends its way through Congress. Grinnell's Harris said she has been speaking with Republican Iowa Senator Chuck Grassley about the tax, most recently on April 30. She reiterated to him that the school is using the endowment to fund financial aid for students. 'I will hop on a plane to DC anytime anyone is willing to listen,' she said. Swarthmore, with about 1,700 students, relies on its endowment for more than 60% of its annual operating budget, said Andy Hirsch, a spokesman. The legislation as written would be 'devastating' to small liberal arts colleges and hurt Swarthmore's ability to provide aid, he said. 'A fundamental issue with the bill is that it fails to account for the different roles endowments play at small colleges compared to large research universities,' he said. 'While some larger institutions draw from multiple revenue streams, endowments are the lifeblood for many small colleges like Swarthmore.' Robert Gaines, Pomona's acting president, said that the proposed levy would hit the Southern California school with a $40 million tax hike. 'Our ability to provide qualified students with a world-class education regardless of their ability to pay would be severely compromised,' Gaines said in a statement. Even the most prestigious schools could see their credit ratings pressured by the endowment tax if it's enacted in current form, Abigail Urtz, a strategist for FHN Financial, said in a report. 'Endowment income is an important source of operating funding for higher education institutions,' she wrote. 'A material increase in the tax should be viewed as a significant risk to these institutions, especially smaller private schools with less of a competitive edge.' Buffett Role Grinnell's investing success can be traced to Joe Rosenfield, a 1925 graduate who went on to serve as a trustee for almost six decades. When he joined the board, the college's endowment was less than $100,000, according to the school. Rosenfield was an attorney whose family owned Younkers department stores across Iowa and the Midwest. He turned to Omaha's Buffett after being introduced to him by a cousin. The two men often shared ideas during late-night phone calls. Rosenfield died in 2000 at the age of 96. 'The more outrageous the act might seem for a college endowment, the better Joe and I liked it,' Buffett recounted in the forward to Mentor: Life and Legacy of Joe Rosenfield, a biography by former Grinnell President George Drake. 'Every investment move was always entertaining for us and always (well, almost always) profitable. In fact, we truly had more fun making money for the college than we did in making investments for ourselves.' Now, more than 60% of Grinnell's operating budget is supported by the endowment's payout. The school employs about 900 people in the town of Grinnell, which has a population of about 10,000. Harris said she and other small liberal arts schools have been lobbying for an exemption to tax increases, arguing that the levy for colleges with 5,000 students or less should remain at 1.4%. Such schools have been successful at issues important to lawmakers, such as lowering student debt and having high graduation rates, she said. 'Small liberal arts colleges like us are doing exactly what they have said they want,' she said. (Updates with comment from Pomona College in 21st paragraph) Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Why Obesity Drugs Are Getting Cheaper — and Also More Expensive Trump Has Already Ruined Christmas The Recession Chatter Is Getting Louder. Watch These Metrics ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Yahoo
A Buffett-Backed College Faces GOP Tax Threats After Investment Success
(Bloomberg) -- Iowa's Grinnell College for years was in an enviable position. Bolstered by Warren Buffett's guidance decades ago, the tiny liberal arts school has grown its endowment to $2.7 billion, helping fund one of the most generous financial-aid programs in the country. As Coastline Erodes, One California City Considers 'Retreat Now' A New Central Park Amenity, Tailored to Its East Harlem Neighbors How Finland Is Harvesting Waste Heat From Data Centers Lawsuit Challenges Trump Administration Policy on Migrant Children That success is now a problem. The draft tax bill released by House Republicans this week proposes significantly raising taxes on private universities — with levies based not on the size of the endowment, but on the amount per pupil. That would hit not only the elite schools that have been under scrutiny by the Trump administration, but also smaller liberal arts colleges that rely on their endowments for student needs. Lawmakers proposed a 21% tax rate for schools that have an endowment of at least $2 million per pupil, which includes universities such as Harvard, Yale and Princeton. The scale then slides to 14% for colleges with endowments totaling more $1.25 million per student. Both would be a sharp increase from the current rate of 1.4%. Grinnell had an endowment of about $1.5 million per student in fiscal 2024. Schools such as Pennsylvania's Swarthmore College and Pomona College in California are also at risk of having to pay more in taxes. At Grinnell, a 179-year-old college about an hour's drive from Des Moines, more than 90% of its 1,700 students receive some form of aid. The school also meets 100% of students' demonstrated need without loans. With no aid, the total cost of attendance with tuition and housing is more than $90,000 a year. 'We will be seriously challenged in providing the kind of financial aid that we have been,' Grinnell President Anne Harris said in an interview. Harris estimated the increased taxes would cost the school about $30 million, drastically affecting its budget of almost $190 million. Grinnell paid about $2.4 million in taxes for the most recent year, she said. Corporate Rate The current 1.4% tax rate applies to schools with endowments of at least $500,000 per student. That generated more than $380 million from 56 colleges and universities in 2023, affecting just a fraction of the 1,700 private, nonprofit schools across the country. Now, the wealthiest colleges would face a levy equivalent to the 21% tax rate for US corporations. Such schools have borne the brunt of President Donald Trump's effort to reshape higher-education institutions, based on criticisms that they failed to address antisemitism on campus, place too much focus on diversity and have left-leaning biases. On Tuesday, eight US agencies terminated $450 million in grants to Harvard, escalating a standoff with the nation's oldest and richest university. On its website, the House tax-writing committee touted that its bill 'holds woke, elite universities that operate more like major corporations and other tax-exempt entities accountable, ensuring they can no longer abuse generous benefits provided through the tax code.' Missouri Representative Jason Smith, chair of the committee, said in prepared remarks Tuesday that the top rate applies to 'exclusive universities with the largest endowments, many of whom have failed to protect their Jewish students.' Universities have said that higher taxes will come at the expense of the neediest students, and have mobilized their lobbying efforts on Capitol Hill. Harvard, for example, tapped the Republican-friendly lobbying firm that used to employ Attorney General Pam Bondi. Steven Bloom, assistant vice president for government relations at the American Council on Education, said the proposal will take 'enormous amounts of money' away from financial aid. Smaller schools such as Grinnell 'really spend their endowment resources on financial aid,' Bloom said. 'It's going to have a disproportionate impact to them.' Details of the proposals could still change as the tax bill wends its way through Congress. Grinnell's Harris said she has been speaking with Republican Iowa Senator Chuck Grassley about the tax, most recently on April 30. She reiterated to him that the school is using the endowment to fund financial aid for students. 'I will hop on a place to DC anytime anyone is willing to listen,' she said. Swarthmore, with about 1,700 students, relies on its endowment for more than 60% of its annual operating budget, said Andy Hirsch, a spokesman. The legislation as written would be 'devastating' to small liberal arts colleges and hurt Swarthmore's ability to provide aid, he said. 'A fundamental issue with the bill is that it fails to account for the different roles endowments play at small colleges compared to large research universities,' he said. 'While some larger institutions draw from multiple revenue streams, endowments are the lifeblood for many small colleges like Swarthmore.' Even the most prestigious schools could see their credit ratings pressured by the endowment tax if it's enacted in current form, Abigail Urtz, a strategist for FHN Financial, said in a report. 'Endowment income is an important source of operating funding for higher education institutions,' she wrote. 'A material increase in the tax should be viewed as a significant risk to these institutions, especially smaller private schools with less of a competitive edge.' Buffett Role Grinnell's investing success can be traced to Joe Rosenfield, a 1925 graduate who went on to serve as a trustee for almost six decades. When he joined the board, the college's endowment was less than $100,000, according to the school. Rosenfield was an attorney whose family owned Younkers department stores across Iowa and the Midwest. He turned to Omaha's Buffett after being introduced to him by a cousin. The two men often shared ideas during late-night phone calls. Rosenfield died in 2000 at the age of 96. 'The more outrageous the act might seem for a college endowment, the better Joe and I liked it,' Buffett recounted in the forward to Mentor: Life and Legacy of Joe Rosenfield, a biography by former Grinnell President George Drake. 'Every investment move was always entertaining for us and always (well, almost always) profitable. In fact, we truly had more fun making money for the college than we did in making investments for ourselves.' Now, more than 60% of Grinnell's operating budget is supported by the endowment's payout. The school employs about 900 people in the town of Grinnell, which has a population of about 10,000. Harris said she and other small liberal arts schools have been lobbying for an exemption to tax increases, arguing that the levy for colleges with 5,000 students or less should remain at 1.4%. Such schools have been successful at issues important to lawmakers, such as lowering student debt and having high graduation rates, she said. 'Small liberal arts colleges like us are doing exactly what they have said they want,' she said. Cartoon Network's Last Gasp DeepSeek's 'Tech Madman' Founder Is Threatening US Dominance in AI Race Why Obesity Drugs Are Getting Cheaper — and Also More Expensive Trump Has Already Ruined Christmas The Recession Chatter Is Getting Louder. Watch These Metrics ©2025 Bloomberg L.P.
Yahoo
01-05-2025
- Yahoo
Johnson Controls Celebrates 140 years of Innovation and Leadership
MILWAUKEE, May 1, 2025 /PRNewswire/ -- Johnson Controls (NYSE: JCI), the global leader for smart, safe, healthy, and sustainable buildings, is celebrating 140 years of achievements and industry-firsts. Since its founding in 1885, Johnson Controls has continuously improved the built environment, delivering the first automatic sprinkler and then the first room thermostat shortly thereafter. Today, Johnson Controls is serving customers throughout the building lifecycle with one of the largest portfolios of heating, ventilation and air conditioning equipment and controls in the world, coupled with a world-class fire protection and smart security portfolio. The company is laser focused on enhancing and protecting essential buildings ranging from data centers to advanced manufacturing, education to hospitals to pharmaceutical labs, creating environments that improve society and help customers run mission-critical operations. Experience the full interactive Multichannel News Release here: Johnson Controls continues to innovate with our ever-growing portfolio of nearly 8,000 patents and billions of dollars invested in engineering, research, and development in recent years. While portions of the business have been around longer, with its Grinnell and York brands celebrating more than 150 years in existence, the company is united in its inventive spirit and end-to-end partnership with customers. From original engineering and design of equipment to installation, service and ultimately replacement and upgrade, the company is about trust and deep commitment to customers. "This year marks a very special milestone for Johnson Controls, our 140th anniversary. And this anniversary is a chance for us to reflect on our journey. We are humbled by and grateful for those who came before us and feel the responsibility to forge ahead, accelerate solving our customers' problems, and find new and better ways to advance technologies to make a difference," said Johnson Controls CEO Joakim Weidemanis. "It's no doubt the secret to our longstanding success is our talented teams around the world and I thank our employees, customers and partners for their role in helping us reach this exciting milestone. As we celebrate what we've accomplished, we're also excited about the future. We feel like we have just gotten started. We are ready to accelerate our technology-based innovation and continuous improvement together with our customers to keep transforming our industry for the next 140 years." Looking ahead, Johnson Controls has a more simplified portfolio serving customers over the lifecycle of a building. Combined with world-class service teams reaching more than four million customers anywhere and at any time, our customers are saving money, energy and time. The portfolio is further enabled by digital, integrating IoT and connecting equipment, harnessing award-winning AI and machine learning, and offering enhanced real-time analytics - making buildings smarter than ever before. Whether it's protecting from extreme weather conditions, mitigating rising energy prices, or developing the latest technology, Johnson Controls is a trusted partner with global expertise and local presence to serve customers now and in the future. To learn more about Johnson Controls' 140 years of innovation leadership and its history, visit INVESTOR CONTACT: MEDIA CONTACT: Jim Lucas Danielle Canzanella Direct: +1 414.340.1752 Direct: +1 414-524-8687 Email: Email: About Johnson Controls:At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet. Building on a proud history of 140 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering. Today, Johnson Controls offers the world`s largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry. Visit for more information and follow @Johnson Controls on social platforms. View original content: SOURCE Johnson Controls International plc Sign in to access your portfolio