The Woodbury Corporation announced a donation of $20 million to UVSC’s School of Business on Oct. 19.
Those in attendance of the announcement included Utah Sen. John Valentine, LDS church leader Thomas S. Monson, Mayor of Orem City Jerry Washburn, and former UVSC President Lucille Stoddard.
Rick Woodbury, the president of Woodbury Corp., made the official announcement of the donation. When he announced that the family was donating $20 million to UVSC, the crowd erupted in an immediate standing ovation.
This is the largest donation UVSC has received and is also the largest single donation that Woodbury Corp. has given. The school is also being renamed the "Woodbury School of Business," in honor of the donor’s generosity.
The money will go toward more opportunities and initiatives for the business school. William Sederburg, president of UVSC, said, "We will advance the lives of students and others in this region through this gift."
Woodbury stated that there were three factors of why the family chose to give to UVSC: It is a school with high-quality students, enthusiastic faculty and administration with a can-do attitude, and an institution that needed money.
"We feel that this school can become an outstanding school of business," said Orin Woodbury. "We’re hoping that we’re helping to provide the means so that the steps can be taken to accomplish that goal, and it’s our dream that it will become one of the outstanding business schools of the U.S."
Thomas S. Monson, a long-time family friend and schoolmate, came to support the family’s donation. "He who gives money, gives much; but he who gives self gives all. The Woodburys have given these and so much more," said Monson.
Many enthused attendees were notably impressed with the Woodbury’s donation. "I think it’s well deserved. The School of Business is remarkable. They have very strong leadership, good students and great faculty," said Lucille Stoddard, in response to the announcement.
The Woodburys have previously given funds to UVSC for student scholarships and faculty grants. They also provided classroom space at the University Mall for UVSC students.
"It means a lot to us to have this association with this good family," said Stan Jenne, dean of the School of Business.
The $20 million will be paid to the School of Business in 10 yearly installments.