University President John Garvey, and Cardinal Sean O'Malley, chairman of the Board of Trustees, were quoted in stories in the Washington Post, Washington Business Journal, National Review, Chronicle of Philanthropy and Catholic News Agency on the announcement of a $47 million gift to the business school. The gift was also reported by USA Today, Education News, Orange County Business Journal, and National Catholic Register. Lead donor Tim Busch published an op-ed in Forbes and was interviewed for a Catholic World Report story. President Garvey and Bill Bowman, dean, were quoted in a cover story of Legatus Magazine on the school. See below.
Serious business in the nation’s capital
Date: Sept. 3, 2016
Author: Sabrina Arena Ferrisi
... CUA always had a business department, but in the last decade the department saw explosive growth. More than 700 of CUA’s 4,000 undergraduates now major in business.
“In 2010, the department was growing like something out of The Sorcerer’s Apprentice,” said CUA president John Garvey, a member of Legatus’ chapter in Washington, D.C. “We could not contain the students. It seemed appropriate to build a school for them. Other Catholic universities have business programs, but I don’t know if they integrate faith and finance in the way that we do.”
In a secular Master of Business Administration (MBA) program, students learn to maximize profit. A few schools have elective courses on ethics. But when CUA founded its business school in 2013, the goal was to turn business education on its head by integrating Catholic social teaching in every class, Garvey explained.
“Ignorance of rules is not the primary reason for misdirection in business,” he said. “We need to focus on guiding the students to becoming better people who instinctively make better moral judgments. Aristotle says that virtue is a habit, a practice that becomes second nature. We need to train people thoroughly, and this can’t happen by only taking one course.”
William Bowman, dean of the business school, remembers what happened when Enron — one of the world’s largest energy companies — collapsed in 2001 because of unethical accounting practices.
“After the Enron scandal, a priest friend of mine — Fr. Michael Barrett — said, ‘What about business ethics?’ He had been a stockbroker and had a real understanding of the business world, but he also knew about Church teaching. He led me to read several encyclicals dealing with the free market system,” Bowman explained. ...
The man behind Catholic U’s largest donation ever
From: Catholic World Report
Date: May 19, 2016
Author: Jim Graves
The Catholic University of America recently announced that it received a donation of $15 million—the largest single donation in school history—to assist with the operational needs of the School of Business and Economics and related academic programs. The gift comes from the Busch Family Foundation, and the CUA business school will be renamed the Tim and Steph Busch School of Business and Economics in the donor couple’s honor. Other major donors joined with Busch, resulting in a total donation of $47 million.
Tim Busch is an attorney from Orange County and founder of the Busch Firm, which specializes in high net-worth estate planning as well as real estate and business transactions. He is also founder and CEO of Pacific Hospitality Group, a hotel development and management company that owns and manages eight hotels in California. ...
The Catholic University of America’s Business School Integrates Virtue, Vocation and Work
From: National Catholic Register
Date: May 11, 2016
Author: Peter Jesserer Smith
As a Catholic businessman, Tim Busch knows the U.S. free-market economy — battered by a parade of business leaders that pursued profit over the common good and human dignity — is facing a crisis of confidence. What society and private enterprise need more than ever is a new generation of men and women who see business first and foremost as a vocation of service and their personal path to holiness.
What Busch wants to see is a business culture where “freedom” in the market means “virtue.” That’s why he and others have recently invested $47 million into The Catholic University of America’s business school, a powerful endorsement of its Catholic vision for business and its mission to evangelize the free market.
“Business is a noble vocation,” the founder and CEO of Pacific Hospitality Group and the Busch Firm, based in Irvine, Calif., told the Register. Busch said he and a number of like-minded CEOs believe socialism will make the poor poorer, while the super-wealthy will get richer by gaming the system. ...
Catholic Business School Gets a $47 Million Investment
From: National Review
Date: April 21, 2016
Author: Kathryn Jean Lopez
My alma mater, The Catholic University of America, has been increasingly embracing and renewing its place in the Church in America as the only school chartered by the U.S. bishops. (It’s one popes tend to visit, as Pope Francis did this past fall near the start of this academic year.)
“Cultivating Catholic minds” is the vision it leads with these days, seeking to educate students for excellent and virtuous leadership, whatever their vocations and fields.
This week, the school announced gifts unprecedented in the school’s history — $47 million for the operational needs of its new business school, now named the Tim and Steph Busch School of Business and Economics, after the lead donor, the Busch Family Foundation.
Besides benefiting the school, it is a financial investment in some of the challenging work Catholics are called to do: bringing the mandates of the Gospel and guides in Catholic social teaching to the workplace and policymaking. This investment in the ongoing renewal at the university — including the establishment of the Human Ecology Institute – also acts on Pope Francis’s encouragement of Catholics to be better stewards of God’s creation. ...
Catholic University Receives $47 to Boost Business School
From: Education News
Date: April 24, 2016
Author: Grace Smith
Washington, D.C.’s Catholic University of America is receiving six monetary commitments that total $47 million to add to the operational needs of its School of Business and Economics and other university programs that are academic in nature.
The Catholic University of America’s website announced that the signature gift from the Busch Family Foundation is the largest funding commitment ever received by the university.
“Today marks a historic day for Catholic University, in which it is propelled forward in its mission to serve both Church and nation through the incredible generosity of several benefactors,” said Cardinal Seán O’Malley, archbishop of Boston and chairperson of the University’s Board of Trustees.
The Busch Family Foundation established by Tim Busch and his wife, Steph, will be used for the renovation of Maloney Hall, which will house the business and economics school, reports executive director of university communications Elise Italiano. ...
Reviving Catholic Teachings In Business
Date: April 21, 2016
Author: Tim Busch
This year, Catholics around the world are celebrating the 125th anniversary of Rerum Novarum, Pope Leo XIII’s famous letter that launched an international dialogue about “the rights and duties of capital and labor” in a just economy. It was a pressing question then, given the seismic changes being wrought by new industrial technologies. It is still a pressing question today, and has been subject of rich debate among popes, priests, professors and parishioners around the world.
The Catholic University of America, on whose board I sit, is responding to Pope Francis’s encouragement to examine this question with new urgency. Yesterday, the university announced a dramatic $60 million expansion of its School of Business and Economics and a new university-wide Institute for Human Ecology. With more than $47 million raised from myself, the Charles Koch Foundation, the Art and Carlyse Ciocca Foundation, Larry and Lynn Blanford and other donors, the school will offer students new opportunities to study and discover how business properly understood is business in service of society. ...
Catholic University Receives Gifts Totaling $47 Million
From: Chronicle of Philanthropy
Date: April 21, 2016
Catholic University of America in Washington, D.C., has announced gifts totaling $47 million in support of programs at its School of Business and Economics and other academic units.
The gifts include $15 million from the Busch Family Foundation — the largest gift ever made to the university — for the renovation of Maloney Hall, the future home of the School of Business and Economics. In recognition of the gift, the school will be renamed the Tim and Steph Busch School of Business and Economics. Tim Busch, founder and CEO of Pacific Hospitality Group and the Busch Firm, is also co-founder and chair of the Napa Institute, which has co-sponsored two conferences with the School of Business and Economics. He also serves as chair of the school’s board of visitors and will conclude his twelve-year tenure on the university's board of trustees later this year. ...
Catholic University to rename business school after record donation
From: USA Today
Date: April 20, 2016
Author: Greg Toppo
Catholic University will renovate and relocate its business and economics school with the aid of a record $15 million donation, part of $47 million in gifts it announced Wednesday.
The $15 million gift, from the Busch Family Foundation, is the largest financial commitment to the Washington, D.C.-based university ever, school officials said.
The school will be renamed the Tim and Steph Busch School of Business and Economics. ...
Busch Family Gives $15M
From: Orange County Business Journal
Date: April 20, 2016
Author: Paul Hughes
The Busch Family Foundation in Irvine gave $15 million to Catholic University of America, news reports said.
The Washington, D.C.-based university’s School of Business and Economics will be renamed for husband and wife Tim and Steph Busch.
Tim Busch is founder and chief executive of Irvine-based Pacific Hospitality Group, which owns and runs hotels. ...
With record $15 million gift, Catholic University renames business school
From: The Washington Post
Date: April 19, 2016
Author: Nick Anderson
Catholic University has received $47 million in gifts to support business education and other academic programs, a philanthropic bonanza for the school that includes a record donation from a California couple.
The $15 million donation to Catholic from the Busch Family Foundation will renovate an academic building, Maloney Hall, to house the university’s business school, according to an announcement Tuesday afternoon. That school, in turn, will be renamed the Tim and Steph Busch School of Business and Economics. Tim Busch, a businessman from Irvine, Calif., is a university trustee.
Another $32 million in gifts, from five donors, will support several related initiatives. ...
Catholic University scores $47M in gifts for business school
From: Washington Business Journal
Date: April 19, 2016
Author: Tina Reed
Catholic University of America received $47 million in new gifts for its School of Business and Economics, including a record-setting donation from a board member.
The university in Northeast D.C. plans to rename the school the Tim and Steph Busch School of Business and Economics after receiving the $15 million gift from the Busch Family Foundation, the largest single financial commitment the 6,700-student university has ever received. ...
CUA school of business receives millions in donations, gets new name
From: Catholic News Agency
Date: April 19, 2016
The Catholic University of America’s business school has received several major financial gifts, including the largest donation in university history.
The Washington, D.C., university announced a total of six commitments totaling $47 million. The money will go to general university programs as well as operational costs for the business school, which will be renamed the Tim and Steph Busch School of Business and Economics after the lead donor in the project.