Trust donates $500K for business building

The John and Doris Andrews Trust has a history of major donations to the university.

STAFF REPORT

YOUNGSTOWN — Youngstown State University has secured another major financial gift for the construction of the new Williamson College of Business Administration building.

The John and Doris Andrews Trust has contributed $500,000 to the project. The money will be channeled through the university’s Centennial Capital Campaign.

In recognition of the gift, YSU will name the financial services lab in the new business building in the Andrewses’ honor.

“This generous gift is yet another indicator of the Andrews Trust’s commitment to YSU and the Mahoning Valley,” YSU President David C. Sweet said. “In these difficult financial times, we appreciate the trust’s continued investment in the university.”

The gift is the latest donation from the Andrews Trust. In 2001, the trust donated $1 million to endow the John S. and Doris M. Andrews Chair in Accounting. In 2004, the trust contributed $2 million to the construction of the Andrews Student Recreation and Wellness Center at YSU.

“I am certain that Jack and Doris would be delighted and honored to have their names associated with the new business school building,” said Paul Williams, an Andrews trustee. “We believe YSU will play an integral part in determining the future of this community.”

Natives of Jamestown, N.Y., John and Doris Andrews moved to the Mahoning Valley in 1932 when John was asked to open an office for Associated Financial Services Corp. Andrews spent more than 45 years in the financial services industry and also served for many years as a director of Commercial Intertech.

After retiring in 1959, Andrews continued to serve for many years as a financial consultant, and he and his wife remained very active in the community. They left their considerable estate to a trust fund to be distributed to nonprofit organizations.

The $43 million YSU Centennial Capital Campaign is in its fifth and final year. The campaign, a partnership between YSU and the YSU Foundation, is the largest fund-raising effort in YSU’s 100-year history.

The $34.3 million Williamson College of Business Administration building will be a three-story, 106,000-square-foot facility located along Rayen Avenue at Phelps Street on the far south end of campus. It will be about twice the size of the current business school building on Lincoln Avenue. YSU has committed $18.3 million for the project, and the remaining $16 million is being raised through the capital campaign.

A ceremonial groundbreaking is scheduled for Oct. 27, with construction starting in January 2009. The building is scheduled to open in the summer of 2010.

The financial services lab will showcase state-of-the-art technology and cutting-edge financial software that will allow students to obtain firsthand experiences with the intricacies of financial reporting, risk management, asset valuation, tax planning and other financial concepts. The lab will feature live news from CNBC, Financial News Network, MSNBC and Bloomberg and a data wall that includes stock prices, security prices and exchange rates.