PROVIDENCE – Providence College this week announced the creation of a new endowed chair in economics funded through a gift from Michael Ruane and his wife, Elizabeth.
Combined with a second element, to be announced in detail on Dec. 15, this is the largest gift the PC has ever received from a living alumnus, the college said in a press release.
Michael Ruane, a former PC Board of Trustee chairman, is a member of the Class of 1971.
The Ruanes’ commitment will create the Michael A. Ruane Distinguished Chair in economics. Proceeds from the endowment will support the faculty position in perpetuity, allowing PC to enhance teaching, scholarship and outreach, according to a university press release.
“Providence College’s capacity to continue to develop leaders – as it has done for generations – depends on strong academic programs led by exceptional, inspirational professors,” Ruane said in a statement. “As we observe the college’s continuing progress toward its high aspirations, we are inspired to invest in its future by supporting this important faculty position.”
Leo H. Kahane has been named to the five-year appointment as the first Ruane Distinguished Chair in economics, effective July 1. Kahane, a PC faculty member since 2010, serves as a professor of economics and interim department chair.
This is the second endowed chair the Ruanes have created at PC.
Two years ago, M. Cary Collins was appointed the Michael A. Ruane Endowed Chair for Innovation in Business Education in the School of Business.
Also in 2013, the Ruane Center for the Humanities was dedicated and named for the couple, as is the Ruane Atrium at Concannon Fitness Center.
“Mike, Liz and their family once again have honored us by demonstrating their extraordinary commitment to Providence College and its future by providing this wonderful gift to support academic programming,” Rev. Brian J. Shanley, PC’s president, said in a statement. “Their positive impact will continue for generations to come, and we are grateful beyond words.”
Ruane earned a bachelor’s degree in economics from Providence College in 1971. He is the founding owner, chair and managing partner of Boston-based TA Realty, a real estate investment advisory firms.
The need for faculty chairs is outlined in the college’s Strategic Plan, the news release said.
