The single largest donation in University history was officially announced during the Auburn University Board the morning of Friday, June 21.
After a unanimous vote to approve the $40 million donation, the College of Business received a new name and a boost towards its vision of national prominence.
The college will now be known as the Raymond J. Harbert College of Business following the historic financial commitment from the Birmingham-based CEO and outgoing president pro tempore on the Board of Trustees.
"This really is a significant change for us, going from an unnamed College of Business to the Raymond J. Harbert College of Business," said Bill Hardgrave, dean of the College of Business. "Over time, what we hope to see is that migration from the Raymond J. Harbert College of Business to eventually what we see with others now, that (the name) just becomes Harbert... and that attracts great students."
Harbert, a 1982 Auburn graduate, serves as chairman and CEO of Harbert Management Corporation, an independent investment firm.
According to U.S. News & World Report, 42 of the top 50 ranked business schools in America are named after benefactors. Auburn College of Business officials believe this gift and name change will give the college a new level of prestige.
"There's a tremendous sense of pride in having the college named for me and it being there after I'm long gone," Harbert said. "The bigger sense of pride will be watching (Hardgrave) implement this vision and watching it become successful. When we are talking about the Harbert College in the same vein as some of the other well-known and great business schools, that will be when I'm particularly proud."
Hardgrave said Harbert's donation will strengthen the college's position as a national leader in many different ways, from creating national eminent scholar chairs for top faculty members to forming a doctoral program in finance.
"It is extremely gratifying to have this opportunity to help move Auburn forward, and I look forward to Dean Hardgrave making these improvements," Harbert said. "I have always felt that college was a place to explore and find out who you are, and I hope this gift will allow Auburn to seek out professors who will challenge the students to be the best they can be."
A $15 million matching gift was included in the $40 million donation, challenging other alumni to partner with Harbert in helping the College of Business achieve these goals.
"(The matching gift) is a very generous thing for Mr. Harbert to do," Hardgrave said. "This allows us to go out now and get those funds in order to grow our endowment. We just went out these last few weeks and already have had three people give at least $1 million as part of this matching campaign.
"So when we talk about a $40 million gift, it really becomes a $55 million gift by the time we're all said and done."
Harbert and his wife Kathryn were presented a gavel made out of the wood from the Toomer's Oaks as a gift of appreciation for his record-setting donation.
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