Major donor promises $40 million to Ohio State
COLUMBUS, Ohio (WCMH) – Ratmir Timashev is rapidly climbing the ranks of Ohio State University’s most generous donors.
Three months after giving the university a record-breaking $110 million to establish a software and marketing center, $40 million from Timashev's gift is being allocated to endowed funds to benefit the center’s staff and students, according to OSU Board of Trustees meeting materials.
From what Timashev doled out, nearly $7 million is going to establish six endowment funds, all supporting various faculty and students who will use the Timashev Center for Software Innovation. When announcing his original donation to found the center in February, Timashev said he hoped the center will serve as a start-up “accelerator” and will attract innovative global companies to Columbus.
Two funds, originally given $440,000 each, establish professorships for the center, one in the College of Engineering and the other in the College of Business. If the principal balance of each fund reaches $1 million by June 2032, professors will be appointed to the position with the approval of the highest-ranking official in the software and innovation center.
If the position is vacant, the money can be used to support faculty and staff in the center. Timashev’s total contribution to the funds is $2,475,000 each.
Another fund, originally worth $1.4 million, will support faculty working in the Timashev Center who will be called Timashev Assistant Professors. Timashev has promised $8.1 million for the fund.
A general support fund, beginning with $3.24 million and growing to as much as $18.85 million, will be used to fund salaries, research seed funding, travel and conference registration and other costs related to operating the center. All expenditures will be at the discretion of the highest-ranking official in the Timashev Center.
Timashev has also established two student support funds, one for graduate students, beginning with $1 million, and one for undergraduate students originally worth $440,000. At the discretion of the highest-ranking center official, the funds can be used for scholarships, stipends, research support or similar spending for students conducting research in the Timashev Center. If no students qualify for the funds, they can be distributed to any student.
Timashev will ultimately contribute $4.05 million to the graduate fund, and the undergraduate fund, with matching contributions as part of the Scarlet and Gray Advantage Endowed Matching Gift Program, will also reach $4.05 million.
With the fulfillment of these gifts, Timashev will have donated $130 million to the university since 2020, when he donated $20 million to help construct the Timashev Family Music Building. His lifetime contributions to Ohio State are eclipsed only by Les Wexner, who has donated more than $200 million over the course of three decades.