Munger donates $800,000 of stock to school

 

By Jamie Kim

Trustee Charles Munger donated eight shares of Berkshire Hathaway stock, worth nearly $800,000, to Harvard-Westlake. He made the donation just before the end of the calendar year.

Munger, a trustee for 40 years, has five sons and stepsons who graduated from Harvard School. His grandson William Borthwick graduated last year.

Munger, 86, is Vice Chairman of Berkshire Hathaway Corporation, the investment corporation chaired by Warren Buffet. Munger is Buffet’s long-time business partner.

Munger has made many previous donations during the years he has been associated with the school. Munger has also donated to the law schools at Stanford University and the University of Michigan.

“[Munger] donates to Harvard-Westlake because he considers it a necessary investment in the future,” Senior Advancement Officer Jim Pattison said.

“He is demonstrating his belief in the importance of the type of education Harvard-Westlake provides, its leadership and as an example to other donors,” Pattison said.

Donations of this size to schools are not uncommon, Pattison said, but “Harvard-Westlake has been fortunate to enjoy the support of a number of benefactors who have made similar, or larger, gifts.”

After taking a hard hit from the recession, “the endowment has rebounded from its low point and is in the process of recovery,” Pattison said.

On Jan. 19, Munger spoke along with Jim Gipson (James ’10), Founder of the Clipper Fund and Pacific Financial Research, at a special event that was attended by lead donors of the school by invitation only.

The event was titled, “How We Got Where We Got: Reflections on the Market Meltdown,” and its purpose was “to thank those leadership donors who helped make possible the funds that were raised for The Opportunity of a Lifetime campaign,” Pattison said.

“Naming the [middle school] library after him was sort of an honor we wanted to bestow upon him for being such a supportive trustee,” Chief Advancement Officer, Ed Hu said.

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