Top donor reneges on pledge to Florida university because of recession
One of a Florida university’s biggest donors says he cannot honour a 2007 pledged donation of $16m (£9.5m) to them because of the recession, reports The Associated Press.
Former US insurance magnate Barry Kaye will give $11m (£6.5m) less than originally pledged to Florida Atlantic University (FAU), the report said. He will write one more cheque for $1m (£600,000), bringing his total donation to $5m (£3m). Kaye will be the university's third-largest donor.
Florida Atlantic said no existing programmes will be affected by Kaye's decision, according to the report.