GEO Group Foundation Withdraws $6 Million Gift to FAU Foundation
BOCA RATON, Fla. (April 1, 2013) – The GEO Group Foundation has informed the FAU Foundation today that in the best long-term interest of the University, the $6 million gift from GEO Group Foundation has been withdrawn and the stadium no longer will be named GEO Group Stadium.
"What was originally intended as a gesture of GEO’s goodwill to financially assist the University’s athletic scholarship program has surprisingly evolved into an ongoing distraction to both of our organizations," said GEO Group Chairman and CEO George Zoley. "We employ many FAU graduates and Boca Raton community members. We take pride in running a well-respected company and are proud of our long-term support of the University."
The $6 million gift was meant to help advance FAU’s athletic department. The gift was a 12-year commitment with annual payments of $500,000.
"FAU alumnus and Trustee Emeritus George Zoley and his colleagues have been loyal supporters of this University," said FAU President Mary Jane Saunders. "We are thankful for all of the companies, organizations and individuals who give to this university to support our mission, our pursuit of academic excellence and valuable contributions to this community."
-FAU-Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University, with an annual economic impact of $6.3 billion, serves more than 30,000 undergraduate and graduate students at sites throughout its six-county service region in southeast Florida. FAU’s world-class teaching and research faculty serves students through 10 colleges: the Dorothy F. Schmidt College of Arts and Letters, the College of Business, the College for Design and Social Inquiry, the College of Education, the College of Engineering and Computer Science, the Graduate College, the Harriet L. Wilkes Honors College, the Charles E. Schmidt College of Medicine, the Christine E. Lynn College of Nursing and the Charles E. Schmidt College of Science. FAU is ranked as a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. The University is placing special focus on the rapid development of three signature themes – marine and coastal issues, biotechnology and contemporary societal challenges – which provide opportunities for faculty and students to build upon FAU’s existing strengths in research and scholarship. For more information, visit www.fau.edu.