UPDATED: Wednesday, June 5, 2013 - 9:33pm
Waco, TX — A former Baylor student is donating $35 million to his alma mater as it goes through a period of tremendous growth.
The gift is currently the largest from a living alumnus.
Paul and Alejandra Foster’s donation will support the university’s 100-million-dollar campaign to build a new 275,000 square-foot facility to house the Hankhamer School of Business.
The building itself will be named the Paul L Foster Campus for Business and Innovation when complete.
Part of Foster’s multi-million dollar gift will support Baylor’s new riverfront football stadium currently under construction.
Foster, who received his BBA in 1979, is an executive in the oil refining business and currently lives in El Paso.
"Paul Foster leads a growing community of generous Baylor benefactors who are stepping forward to support Baylor's powerful forward progress," said Richard Willis, BBA '81, MBA '82, chair of the Baylor Board of Regents. "Paul recognizes the distinct and essential role that Baylor plays in American higher education, and the manner in which his own Baylor education prepared him for personal success. With this historic gift, Paul and Alejandra affirm Baylor's bright future and invite others in the Baylor family to contribute to the strong momentum that is propelling our University to new heights."