Prominent Businessman Reflects on $1.5 Million Donation to Rutgers Business School
Driven by his commitment to education and philanthropy, Paul Profeta, owner of Paul V. Profeta Associates, Inc. gave Rutgers Business School, Newark and New Brunswick a $1.5 million endowment to establish a real estate chair for its MBA program this winter. Profeta recently spoke to NJ.com about high-finance real estate, the Profeta Urban Investment Fund and why he chose to donate to Rutgers.
Profeta studied and taught at Harvard Business School, but chose to donate to Rutgers when considering how he could positively impact business education in the greater New York area. Profeta wanted to revive MBA-level real estate instruction at the school’s Newark and New Brunswick campuses, an area of study which had disappeared at Rutgers nearly fifteen years ago. Profeta reasons that there are two primary areas of focus for MBA students in the greater New York area: Wall Street finance and real estate. Rutgers had the finance curriculum in place, but lacked a foundation in real estate. Profeta’s gift to the school will meet that need.
Profeta’s ties to the University run deeper than an interest in real estate. In 2007, he established the Profeta Urban Investment Fund in partnership with Rutgers Business School. The fund helps create minority-owned and run businesses in the Newark area. With the assistance of Rutgers Business School, Profeta Urban Investment Fund has overseen the creation of six new businesses. Profeta explained that his $1.5 million gift to Rutgers solidifies the commitment he has to his industry and to the enduring quality of MBA instruction at Rutgers Business School.
Profeta’s gift was matched by a $1.5 million donation from an anonymous donor. Overall, the donor has pledged to donate $27 million to establish 18 endowed chairs, a campaign aimed at luring world-class faculty to Rutgers.
