Wayne State University President Allan Gilmour announced a gift to the University of $1 million. The gift will be in the form of an endowment, 25 percent of which will be in the name of Gilmour's partner, Eric Jirgens.

By design, the $1 million gift is somewhat greater than the total after-tax compensation Gilmour earned as President during his tenure. The endowment will pay out at a rate of 4.5 percent annually.

"Being President has been a fascinating and rewarding experience," said Gilmour. "My three years have convinced me of the value of Wayne State - to the community, the state and, most of all, the students. It is unique among Michigan's public universities and a valuable state asset. I am honored to be part of it and delighted I am able to give back."

Gilmour and Jirgens are designating the gift for students needing financial assistance to complete their education.

"Student success is our primary focus at Wayne State," said Gilmour. "We want this gift to help students, particularly those who need financial assistance to finish their degrees. These graduates will be our future citizens and leaders-in all fields-and they deserve our support."

Posted June 26, 2013