April 24, 2007

Single Largest Gift Ever Given to the University of Alaska by a Living Alumnus

FOR IMMEDIATE RELEASE

University officials recently announced the single largest gift ever given to the University of Alaska by a living alumnus, and praised the donor, Alaska pioneer, Ronald F. Cosgrave for his generosity.  Ronald F. Cosgrave’s $2.6 million gift was made without any restrictions and is to be used at the discretion of the University President.

In making this commitment, Cosgrave noted, “The University has had a profound effect on my life and helped me to achieve the success that I’ve enjoyed.  It’s an honor and a pleasure for me to give back to the University, which has given me so much.”

“This is truly a transformational gift for the University.  As remarkable as this gift is, Ron’s leadership and integrity deserve special attention” adds University President Mark Hamilton.  “The University is grateful to Ron for the trust he is placing in us.  We take this responsibility seriously, and thank Ron for his generosity.”

The gift was used to purchase 30 acres of undeveloped land in Fairbanks, directly across Geist Road from the UAF campus.  The University has no definitive plans for developing the property at the present time.

Cosgrave, who is age 75, originally came to Alaska in 1954 in search of work.  While working as a longshoreman in Valdez, Cosgrave was convinced to enroll in the University of Alaska by geology professor John McCall.  Always one to take on a challenge, Cosgrave commenced his studies that Fall at the University in Fairbanks but found that he enjoyed Dr. William S. Wilson’s chemistry class so much that he switched his major to chemical engineering.  Four years later he became the first chemical engineering graduate of the University of Alaska.  Subsequently, Cosgrave was awarded a teaching fellowship at Massachusetts Institute of Technology and was the first UA graduate to be given such an honor. After a brief stint at MIT, Cosgrave quickly decided he wasn’t the lab type and returned to Fairbanks.

Cosgrave was greatly influenced by University President Charles E. Bunnell, and became known as one of “Bunnell’s Boys.”  During his senior year, and with President Bunnell’s encouragement, Cosgrave and a small group of other students formed Northern Alaska Development Corporation which began investing in and developing real estate near the University.  Cosgrave still owns some of this land today.

Cosgrave was instrumental in establishing College Utilities Corporation.  He later joined Alaska Airlines and is credited with saving Alaska Airlines from bankruptcy in the early 1970’s. He served as Chairman and CEO of Alaska Airlines from 1972-1979.  Cosgrave now holds the distinction of being a Chairman Emeritus of the Company.

Cosgrave served on the University of Alaska Foundation’s Board of Trustees from 1979-1983, was named the 1978 Alumnus of the Year by the UAF Alumni Association and received an Honorary Doctor of Laws degree from UAF in 2003.
 

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