The KSU Foundation recently received a gift valued at $70 million — its largest gift ever — for the College of Engineering.
Dolese Bros. Co., an Oklahoma City-based producer of construction materials, gave $70 million each in stock to the foundations at K-State, Oklahoma State and the University of Oklahoma.
The foundations are non-voting majority shareholders in the private company.
Dolese plans to annually buy back at least $500,000 worth of stock from the universities as the company seeks to reach its long-term goal of becoming entirely employee-owned.
The K-State engineering college plans to use the funds for student scholarships, and tutoring and mentoring programs to boost student retention and graduation rates.
The college is seeking to fulfill its part of the University Engineering Initiative Act, the state’s goal to increase the number of engineering graduates in Kansas by more than 50 percent during a 10-year period.
The goal for K-State engineering is to grow from 423 graduates to 586 graduates in the 2022-23 academic year. The college also plans to increase undergraduate enrollment from 3,056 to 3,750 and faculty from 125 to 155.
The college is also working to help the university reach the K-State 2025 initiative, the goal of being a top 50 public research university by 2025.
The engineering college is planning to start its $40 million expansion project early next year, which is also expected to help with the initiatives. Completion is expected by the fall of 2015.
The expansion will add 107,000 square feet of space to the current engineering complex, and will include classrooms, teaching and research laboratories, an auditorium, faculty and administrative offices, and student gathering areas.