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$16 Million Gift from Philanthropists Carole and Barry Kaye Names FAU College of Business

Largest Single Gift in History of FAU

            BOCA RATON, FL (January 10, 2007) – Philanthropists Carole and Barry Kaye have increased their financial commitment to Florida Atlantic University’s College of Business to $16 million, resulting in the largest gift in FAU history.   This gift names the Barry Kaye College of Business and establishes an endowment that will support academic programs, faculty and students.  In addition, the gift is eligible for matching funds from the State of Florida Trust Fund for University Major Gifts, valuing the total gift with state matching funds at $32 million.

            “With their extraordinary gift of $16 million, the Kayes’ generosity will affect the lives of many within the FAU family,” said FAU President Frank T. Brogan ’81.   “We are grateful to longtime friends Carole and Barry for their support and look forward to a long and deepening association with this remarkable couple.”

            The Barry Kaye College of Business is comprised of seven academic departments, as well as the Adams Center for Entrepreneurship, the Office Depot Center for Executive Development, the DeSantis Center for Motion Picture Industry Studies, the Center for Applied Business Research and Trading Room and the Stuart James Research Center.   The College also houses the largest small business development center in the state of Florida. The initial commitment by the Kayes established the Barry Kaye School of Finance, Insurance and Economics and the Barry Kaye Institute of Insurance in Philanthropy.  

            “Carole and Barry continue to strengthen their support for the College of Business,” said Dean Dennis Coates of the Barry Kaye College of Business.   “With their deep commitment to higher education and now their decision to name the college, they serve as an inspiration to us all.   Their appreciation of FAU’s position as an academic and research institution will help FAU ascend to the next level.”   

            A highly respected business leader, Barry Kaye is a 45-year veteran in the field of insurance.   Kaye has led 15 insurance companies in annual sales during his lifetime and is the best-selling author of eight books on the subject of insurance, estate taxes and estate planning.   Through his television and radio appearances and line of audio-visual materials, Kaye has garnered national attention.   His unique approach to estate planning has enabled him to revolutionize the entire industry.

            An art connoisseur and collector, Carole Kaye founded the Carole and Barry Kaye Museum of Miniatures, currently located on the west coast of Florida.   The museum houses the largest collection of contemporary miniatures in the world.  Married for 45 years, the Kayes are committed to bettering the communities in which they live, especially in the areas of higher education, the arts and medical research. Some of the institutions they have supported include the Ben-Gurion University of the Negev, the City of Hope, the Music Center of Los Angeles County and the Diabetes Research Institute.  

            “Carole and I feel privileged to be able to name FAU’s College of Business. It is very gratifying to know that our gift will provide opportunities for students to achieve academic and research excellence,” said Kaye.   “We look forward to seeing this forward-thinking college continue to gain national and international prominence.   The pride we feel at this moment is hard to describe.”

Last year, the Kayes named the “Carole and Barry Kaye ’05 Great Hall” in the Marleen and Harold Forkas Alumni Center on FAU’s Boca Raton campus with their gift of $400,000.   Their gift of $500,000 to FAU’s Dorothy F. Schmidt College of Arts and Letters’ School of the Arts established the Carole and Barry Kaye Endowed Fund in Integrative Arts Education and Outreach.   An additional gift of $85,000 has been used to renovate the FAU Performing Arts Auditorium lobby which now bears their name.

            In December 2005, Barry Kaye was presented with an honorary doctorate from the College of Business.   One of FAU’s five original colleges, the Barry Kaye College of Business currently enrolls approximately 6,400 students.   The College is accredited by AACSB International, the premier accrediting body for collegiate schools of business. The College offers bachelor’s, master’s and doctoral degrees as well as executive education opportunities.  FAU’s school of accounting students are ranked 6 th in the nation based on the percentage of candidates passing all four parts of the CPA examination.   The real estate faculty, as a group, were ranked 8 th in the nation for quality of published research.   The department of finance was ranked 35 th in the world based on a compilation of published research in 16 core financial journals and 2 nd in the nation for published research in financial education. The entrepreneurship program was included in the top 50 in the country by Success Magazine, and the department of information technology and operations management was ranked in the nation’s top 50 programs by Decision Line.

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Florida Atlantic University opened its doors in 1964 as the fifth public university in Florida. Today, the University serv es more than 26,000 undergraduate and graduate students on seven campuses strategically located along 150 miles of Florida's southeastern coastline. Building on its rich tradition as a teaching university, with a world-class faculty, FAU hosts nine colleges:  the Dorothy F. Schmidt College of Arts & Letters, the Charles E. Schmidt College of Biomedical Science, the Charles E. Schmidt College of Science, the Christine E. Lynn College of Nursing, the Harriet L. Wilkes Honors College, the Barry Kaye College of Business and the  Colleges of   Education, Engineering & Computer Science, and Architecture, Urban & Public Affairs.

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