The University of Utah has announced a $50 million gift from the John and Marcia Price Family Foundation in support of its College of Engineering.

The gift will establish a $32.5 million endowment for student scholarships, teaching labs and equipment, educational initiatives, and additional efforts. The endowment includes discretionary funds to help the college react quickly to changes. The remaining $17.5 million is reserved for a six-story, 253,000-square-foot facility, which is expected to be named the John and Marcia Price Computing and Engineering Building, pending board approval, in recognition of the gift. The Price Foundation was the first to come forward and pledge significant funding for the $190 million building.

John Price is an American diplomat and former U.S. Ambassador to Mauritius, Comoros, and the Seychelles. He moved to Utah as a teenager and earned a bachelor’s degree in geological engineering at the University of Utah in 1956. He started his career as the founder of a construction company, which evolved into a commercial real estate development firm and then into JP Realty Inc., which was listed on the New York Stock Exchange in 1994.

“The University of Utah has an international reputation for innovation in engineering and computer science. Marcia and I want to help ensure that opportunity for this and future generations,” said Price. “Our gift to the College of Engineering is an investment, to provide education at the highest level of excellence and to meet the engineering and computing needs for local and global demand. Additionally, these funds will strengthen, elevate, and expand the college’s research and educational initiatives.” 

(Photo credit: Dan Hixson/John and Marcia Price College of Engineering)