"The recruiting of scientists by Bill Neaves, our president, and Robb Krumlauf, our scientific director, is going so well that we dont want to run the risk of having to reduce the momentum because of financial constraints," Mr. Stowers said. "This gift will give scientists an added sense of the dedication to our purpose.
"Everything we are doing is focused on the goal of making this Institute the best of its kind within 25 years," he added. "It is the centerpiece of our dream of making the Kansas City area into a Biomed Valley that will lead the world in biomedical research."
The securities consist of the common stock of American Century Companies, which has grown into one of the countrys premier investment management firms since Mr. Stowers founded it as Twentieth Century Investments in 1958.
Originally, the intention had been that this gift would pass to the Institutes endowment after the deaths of both Mr. and Mrs. Stowers. They decided to make the transfer now to provide added financial stability to the Institute at a critical time in the recruitment of scientists to fill the laboratories of the $200 million Institute campus in midtown Kansas City.
This most recent gift brings the value of the Institutes endowment above $1.628 billion. To ensure a perpetually growing endowment in support of its research operations, the Institute plans to spend no more than 3.5% of its value each year. Approximately 17% of the endowment is temporarily reserved to support an annuity that will be paid to Mr. and Mrs. Stowers throughout their lifetimes.
The Stowers Institute opened the doors of its research facilities in November 2000 with four la
Contact: Kerry O'Connor
Stowers Institute for Medical Research