Kelley Receives $33 Million from Lilly Endowment

Posted by: Alison Damast on January 11, 2012

Indiana University’s Kelley School of Business has received a $33 million grant from the Lilly Endowment that the school says will transform the school’s undergraduate program.

The school plans to combine the gift from the Indianapolis-based private philanthropic foundation, the largest in Kelley’s history, with $27 million in private gifts to renovate and expand the current 46-year-old building that serves as home for the school’s undergraduate business students. The Lilly Endowment was created by members of the Lilly family and funded with gifts of stock in pharmaceutical giant Eli Lilly & Co. Ruth Lilly, the recently deceased great-grandchild of Eli Lilly, previously gave $30 million the university, including a gift to the Kelley School, according to an article in the Indiana Daily Student.

The new undergraduate building, which has been in the works since 2005, will add a 71,000-square-foot expansion onto the Kelley School’s old building, including new classrooms, meetings rooms and space for large gatherings. Other add-ons will include a stock-tracking room, a behavioral lab for researchers, and a new home for the Indiana Business Research Center, which provides economic data on Indiana’s business, government and nonprofit organizations. Kelley Dean Daniel Smith said he expects the new facilities will have a “significant impact” on the ability of students to work more closely with companies in the state.

Kelley currently ranks 19th in Bloomberg Businessweek’s ranking of full-time MBA programs and 18th in our ranking of undergraduate business programs.

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