California State University, Chico has announced a $5 million gift from alumnus Jon E. Krabbenschmidt (’76) as a first commitment toward a $10 million pledge for the College of Business.

The pledge will help fund construction of a state-of-the-art building to replace Glenn Hall, which opened in 1958. The new facility will showcase innovation and collaboration with spaces for active, experiential, and immersive learning; conference breakout rooms; collaboration spaces; centers for excellence; and dedicated spaces for faculty research and signature programs.

Krabbenschmidt credits a significant portion of his business success to his experience at Chico State. After graduating with a degree in business administration, he earned a JD and became a licensed attorney and then a licensed certified public accountant, eventually serving as a partner at accounting and consulting firm Novogradac & Company LLP for nearly 30 years. He now focuses on his real estate investment and development business through Gate Holdings, LLC, which he established in 2020.

“I’m one of those ‘If you build it, they will come,’ people,” said Krabbenschmidt. “Chico State can attract top faculty with a great facility, and this will in turn give the students the best education possible. The education and learning experience should be immersive and allow students and faculty to mask out all the other demands in their life.”

“This building will provide future Chico State students greatly enhanced experiential learning opportunities, support curricula revision that push us to the cutting-edge of business education and further understanding of the role of business in society,” said College of Business dean Terence Lau. “This will create more diverse and rigorous learning and research opportunities for students and faculty while strengthening entrepreneurship, business and finance, technology, globalization, and corporate partnerships.”

(Photo credit: Ryanx7 via Wikipedia)