David Geffen, philanthropist and entertainment mogul, received the UCLA Medal, the highest honor ... [+]
DreamWorks cofounder David Geffen announced on Tuesday an additional $46 million donation to the medical school at UCLA, which is named after him.
His latest contribution will support a scholarship fund at the David Geffen School of Medicine and will bring his total giving to UCLA to more than $450 million. Forbes pegs Geffen’s net worth at $8.5 billion.
Geffen, who is also the founder of record labels Asylum Records, Geffen Records and DGC Records, created the David Geffen Medical Scholarship Fund in 2012 with a $100 million donation. Now, 414 students are expected to receive scholarships over a 10-year period, according to the school.
Because the scholarships provide a full free ride and include a living stipend, the percentage of UCLA medical students graduating without debt has nearly tripled since Geffen gave his first gift—from 17% in June 2013 to 45% in 2019, according to the school.
Geffen, who did not graduate from UCLA, has a history of making big gifts to the institution. The medical school was named after Geffen in 2002 when he announced a $200 million donation to the school. According to the university, Geffen also donated nearly $250 million to UCLA’s Centennial Campaign, which has raised more than $5.3 billion in anticipation of the university’s 100th birthday this year.
Early in his career, to keep his job in the mailroom of the Willam Morris talent agency, Geffen lied about having graduated from college and created a fake UCLA degree. He admitted doing so once he became successful.
“Mr. Geffen’s groundbreaking contributions have inspired others across the nation to assist more students with the cost of their medical education,” UCLA Chancellor Gene Block said in a statement. “His support has made it possible for UCLA to lead the way.”
In addition to his educational philanthropy, Geffen has also been a patron of the arts. In 2017, Geffen pledged $150 million to the Los Angeles County Museum of Art, the largest single cash gift from an individual in the museum’s history. Two years prior, he pledged $100 million to Lincoln Center for the Performing Arts to renovate the Avery Fisher concert hall, which was renamed Geffen Hall.
