Historic gift is icing on the (birthday) cake

Gustavson. Photo: UVic Photo Services

By Dianne George

UVic Business celebrated its 20th anniversary on March 19 with a community open house and birthday party. The celebrations were spectacularly enhanced with a historic gift of $10 million given by Peter B. Gustavson. This is the largest philanthropic gift ever to UVic Business and will support scholarships, professorships, research and innovation at the Faculty of Business.

Gustavson is the founder of Custom House, a Victoria-based global foreign exchange payments powerhouse. He sold the company in 2009 to Western Union for US $370 million.

Gustavson has been involved with the business school since 2003 as an employer, member of its advisory board and chair of the Distinguished Entrepreneur of the Year Award event that he helped establish in 2004.

“I know what it’s like to struggle to find the money for tuition and living expenses,” said Gustavson, speaking to more than 250 people who attended the festivities. “I worked full-time while at university and with the help of my grandma would have $2 a week for gas.
“I’d pray I didn’t run out and have to walk to a gas station—you could freeze to death outside in a Winnipeg winter. I’d rather see students pursuing studies rather than pursuing ways to fund their studies,” he added.

UVic President David Turpin said the gift will turn the already remarkable business school into an internationally renowned centre of excellence for business education.
“It will literally transform the way we do business education, and it will benefit generations of students,” said Turpin. “When students enrol here, our greatest hope is to see the trajectory of their lives changed, their aspirations elevated and their minds sharpened.”

The funds will be invested in an endowment, and the interest earned will support scholarships, enhance student experiences, create more professorships and research funding, and develop new programs such as the faculty’s new Master of Global Business degree.

“Peter is a wonderful friend,” said Dean of Business Dr. Ali Dastmalchian. “His unprecedented generosity will spur innovation and new ideas for educating students to understand the big picture of business. By enhancing our learning environment—particularly in the international arena—we can expose our students to more opportunities.

“They will gain the knowledge and develop a global mindset that will help them solve some of the most pressing issues of the day and help improve the social, economic and environmental well-being of the global community.”

David Herr, a fourth-year BCom student, thanked Gustavson on behalf of the students, acknowledging the importance of scholarships and aid in allowing him to take advantage of the opportunities.

“These allowed me to focus on my education and long-term goals and make the most of my experience,” said Herr. “It is so motivating as students to know that the business community supports us and believes in the value of our education,” he added.

“I believe that society’s best investment is the investment in its youth,” said Gustavson. “I think investing in students in the school of business will be creating the business leaders for our community in the future. They’re the ones that will create new enterprises, new products, new services and all the associated jobs that go along, and will enrich our lives and our communities. For that reason, I am pleased to be in the fortunate position to be able to assist the faculty and its students with a birthday gift of $10 million.”

The gift builds on the philanthropy that UVic has been honoured to receive from other individuals such as $5 million from the Mearns family, the $2.25 million from the Mohr family, and $11 million from Bob Wright/Oak Bay Marine Group donation.