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Bank of America invests $1 million in pediatrics

Giving News

The Dell Pediatric Research Institute

Looking toward its December 2008 opening, the University’s Dell Pediatric Research Institute celebrates another large gift from the Central Texas community: $1 million from the Bank of America Charitable Foundation. The contribution, the largest the institute has received from a corporate foundation, will be used toward completion of a $97 million, 150,000-square-foot facility under construction at Austin’s Mueller development.

The institute will combine the University’s considerable expertise in life sciences, pharmacology, technology, biomedical engineering, and other disciplines with the resources of the Dell Children’s Medical Center of Central Texas, which opened on an adjacent parcel of land in June 2007. Researchers from the UT System’s other health science institutions will also contribute to the center, establishing Austin as a hub of excellence for children’s health and biomedical research.

A recent study commissioned by the Greater Austin Chamber of Commerce showed Austin’s health-care industry carries an annual economic impact of about $8.8 billion and employs more than 85,000 people. “As a company, we believe that healthy communities create strong businesses,” says Kenny Wilson, Central and South Texas president for Bank of America. “UT has made a tremendous investment in the health of our community’s greatest assets: our children. We applaud the University’s efforts and are proud to take this opportunity to join them in the creation of the institute. It will serve as an anchor in our community by driving economic growth, attracting leading experts, and generating world-class research in pediatric medicine.”

The Michael & Susan Dell Foundation announced in 2006 that it would match donations totaling up to $38 million to help establish a pediatric health research institute in Austin. Other major contributors thus far include Austin’s RGK Foundation and Topfer Family Foundation. The UT System Board of Regents also authorized $45 million in support, part of which will be used to recruit a top-notch director for the institute and provide start-up costs.

“We are thrilled with this commitment to children and their parents,” says Susan Dell, co-founder and chairwoman of the Michael & Susan Dell Foundation, of Bank of America’s gift. “It further demonstrates our shared vision to ensure the availability of world-class health care, research, and education right here in Austin.”

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