Tough Economy Forces Florida Atlantic Donor to Scale Back Donation

The original $16 million pledge has been cut to just $5 million because of the economy.


What was almost the largest donation in Florida Atlantic University's history is now another casualty of tough economic times, the New York Times reports. Barry Kaye, an insurance magnate, pledged $16 million to the university, but he said Tuesday he could no longer offer so much. Instead, Kaye will offer the university another $1 million on top of the $4 million he has already donated. This decision makes Kaye the third-largest donor in the university's history. Officials from the Boca Raton university said Kaye's decision would not affect the operations of any existing programs.

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