The University of Michigan School of Art & Design will come into a $40 million windfall, thanks to a gift from a 1966 design graduate and her husband.
Penny and E. Roe Stamps, longtime U-M supporters, have pledged $32.5 million, to be matched by $7.5 million from the university.
It's a big step-up in contributions for the arts school. While smaller than the $100 million Stephen M. Ross gave the U-M's business school in 2004, the largest gift in the university's history, the Stamps' donation swamps the next-largest gift to Art & Design — $1.2 million from an unnamed donor during the Michigan Difference campaign from 2004-08.
In recognition of the gift, university regents voted late Thursday afternoon to rename the school the Penny W. Stamps School of Art & Design.