Key Takeaways
- Larry Gies announced a $100 million matching pledge for Gies College of Business at the University of Illinois on October 20, 2026.
- The match covers the next $100 million in qualifying donations, which the college says could generate $200 million.
- The pledge equals 29.2% of the University of Illinois Foundation's $342,032,709 in contributions for the fiscal year ending June 2025.
- With the pledge, Larry Gies's lifetime giving to the University of Illinois reaches $350 million, according to the college.
Larry Gies, founder and CEO of Madison Industries, announced on October 20, 2026, a $100 million pledge to match the next $100 million in qualifying donations to Gies College of Business at the University of Illinois. The college says the match could generate $200 million for scholarships, student experiences and faculty support.
University of Illinois Foundation contributions compared with the $100 million match
The pledge equals 29.2% of the $342,032,709 in contributions that the University of Illinois Foundation reported for its fiscal year ending June 2025 on its Form 990 record on ProPublica Nonprofit Explorer. Both the college and The News-Gazette describe the pledge as a commitment to the college, so the comparison measures scale only. Gies and Dean W. Brooke Elliott agreed to an eight-year period to secure the match, The News-Gazette reported, so the 29.2% compares one year of giving with an eight-year match window.
A Form 990 is the annual information return that nonprofits file with the IRS. The Foundation reported contributions of $258,378,863 for the fiscal year ending June 2023, $314,244,685 for the fiscal year ending June 2024 and $342,032,709 for the fiscal year ending June 2025.
Larry Gies lifetime giving and earlier gifts to Gies College of Business
In 2017, Gies gave $150 million to Gies College of Business, which the college says remains the second-largest single gift to any business school. In 2025, he pledged $100 million to the Illinois Division of Intercollegiate Athletics, which the college calls the largest gift in that division's history.
Poets&Quants reported that the new pledge brings his business school giving to $250 million. With the 2025 athletics pledge included, his university-wide giving totals $350 million.
"I've always believed the greatest impact happens when people come together around a shared purpose," Gies said.
Gies also said, "My hope is that this match not only gives them one more reason to step forward, but also enhances the impact of their giving."
How the $100 million match could reach $200 million
The college says the match is believed to be the largest matching gift ever to a business school, and that the commitment is among the top 10 single largest gifts ever to a business school. If the match is fully met, the pledge would generate $200 million for scholarships, student experiences and faculty support.
The News-Gazette reported that Gies and Dean W. Brooke Elliott have agreed to an eight-year period to secure the match. University of Illinois officials said the amount of scholarships awarded by the college has more than tripled since Gies's $150 million gift in 2017, rising from $600,000 to over $2 million. Elliott said the funds will be used to scale the college's work in three areas: scholarships, student experiences and faculty support.
"Larry has already transformed this College in ways that will be felt for generations, and with this commitment, he's asking all of us to imagine what we can do together next," said W. Brooke Elliott, dean of Gies College of Business, in the college's release.
The News-Gazette also reported that fundraising at the college rose from about $15 million a year to about $30 million a year.
WYDE also covered another university gift announced the same week: the Medical College of Wisconsin's $50 million precision medicine gift.
People Also Ask
How much did Larry Gies pledge to Gies College of Business?
Larry Gies pledged $100 million to match the next $100 million in qualifying donations to Gies College of Business at the University of Illinois. The college announced the pledge on October 20, 2026. The match could generate $200 million for scholarships, student experiences and faculty support.
What is Larry Gies's total lifetime giving to the University of Illinois?
Larry Gies's total lifetime giving to the University of Illinois reaches $350 million with the new pledge, according to the college. That total includes his $150 million gift to Gies College of Business in 2017, his $100 million pledge to the Illinois Division of Intercollegiate Athletics in 2025 and the new $100 million pledge.
What is a matching gift?
A matching gift is a pledge to match donations that other people make. Under this pledge, Larry Gies will match the next $100 million in qualifying donations to Gies College of Business.
Where does Larry Gies rank on Forbes' list of richest Americans?
The News-Gazette reported that Forbes ranked Larry Gies No. 315 on its 2026 list of the 400 richest people in the United States. The same report said Forbes's real-time billionaire list estimated his net worth at about $5.1 billion as of Tuesday, October 20, 2026. The figure is a real-time estimate, so it can change.
Sources: Gies College of Business, The News-Gazette, Poets&Quants and ProPublica Nonprofit Explorer.