SOUTH BEND — The University of Notre Dame will receive a $100 million unrestricted contribution from aviation industry businessman Kenn Ricci and his wife, Pamela.
It's the largest unrestricted philanthropic gift in the university's history, Notre Dame officials confirmed Tuesday night.
Ricci is a 1978 Notre Dame graduate who lives in the Cleveland, Ohio, area. He also serves on the university's board of trustees.
Ricci earned a bachelor's degree in accountancy and played the trumpet in the Notre Dame Marching Band. He later earned a law degree at Cleveland-Marshall College of Law.
The gift is being made through a Philanthropic Succession Partnership, according to the university. That's an innovative giving structure developed by Ricci, founder of Directional Aviation Capital, a holding company for aviation companies he has founded or acquired.
“Philanthropy isn’t just about generosity of spirit. It’s also about solving problems — be they societal, family or business. This structure is a model for solving problems of all stripes,” Ricci said in a written statement. He said he hopes to inspire additional strategic philanthropic giving.
The $100 million commitment will begin to be fulfilled through lifetime gifts by the Riccis and, ultimately, completed with proceeds from the sale of business assets held by a Ricci family limited partnership that owns interests in Directional Aviation Capital, according to the university. Upon Ricci’s death, Notre Dame will receive beneficial rights to a limited partnership interest and become the partnership’s successor general partner.