Ruth Gottesman makes $1.5b donation to New York medical school

A 93-year old former professor at a private medical school in New York City has donated US$1 billion (AUD$1.5b) to the school, ensuring students will not have to pay tuition fees going forward. 

Ruth Gottesman, a former paediatrics professor at Albert Einstein College of Medicine in the Bronx, made the large donation to the school earlier this week. According to a statement from the private college, it is the largest gift made to a US medical school in history and one of the largest donations made to an educational institution. 

On Monday, students were gathered in a large hall when a representative of the college announced “starting August, the Albert Einstein College of Medicine will be tuition free.” 

Students erupted into tears and leaped out of their seats. Students in their final year at the school will be reimbursed for their spring tuition this year. Starting August, every student — including those who are currently enrolled, will receive free tuition.

Yearly tuition at the college costs roughly US$59,000 (AUD$90,000) so the donation is enormously positive as it means many will be freed from staggering debt.

The college’s Dean, Dr Yaron Yomer described the donation as a “transformational” gift that “radically revolutionises our ability to continue attracting students who are committed to our mission, not just those who can afford it”.

“This…gift is intended to attract a talented and diverse pool of individuals who may not otherwise have the means to pursue a medical education,” Dr Yomer said in a statement.

“[It] will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive.” 

Gottesman’s fortune came from her late husband, David Gottesman, a Wall Street financier who worked under Warren Buffett. David, who passed away aged 96 in 2022, was one of the early investors in Berkshire Hathaway — a Buffet-owned multinational conglomerate. 

According to the Bloomberg Billionaires Index, David had a net worth of roughly almost US$3 billion (AUD$4.58b) at the time of his death. 

“I am very thankful to my late husband…for leaving these funds in my care, and l feel blessed to be given the great privilege of making this gift to such a worthy cause,” Gottesman said in a statement this week. 

“Each year, well over 100 students enter Albert Einstein College of Medicine in their quest for degrees in medicine and science. They leave as superbly trained scientists and compassionate and knowledgeable physicians, with the expertise to find new ways to prevent diseases and provide the finest health care to communities here in the Bronx and all over the world.”

The former professor, who examined learning disabilities and conducted literacy programs at the college, told the New York Times that David had left her a “whole portfolio of Berkshire Hathaway stock” when he passed away, along with the instructions to “do whatever you think is right with it”.

“I wanted to fund students at Einstein so that they would receive free tuition,” Dr Gottesman said. “There was enough money to do that in perpetuity.”

“I hope [David] is smiling and not frowning,” she added. “He gave me the opportunity to do this, and I think he would be happy – I hope so.”

Dr. Philip Ozuah, a paediatrician at the college, and a friend of the Gottesmans, said that Ruth had not even wanted to attach her name to the donation. 

Speaking to the New York Times, Dr Ozuah described Ruth as “…somebody who is totally dedicated to the welfare of others and wants no accolades, no recognition.” 

Gottesman and her family run the Gottesman Fund, a foundation that supports Jewish charities in Israel and the US. 

Her latest donation is especially signifiant as it’s going towards a medical school in the Bronx, which is New York’s poorest and most unhealthy borough. 

According to the college’s own data, roughly two-thirds of first-year students are women. The majority of students across all years are white (48 per cent), with 29 per cent Asian, 11 per cent Hispanic, and 5 per cent Black.

The Albert Einstein College of Medicine is now the second tuition-free medical school in New York. New York University School of Medicine announced in 2018 that it would go tuition free. 

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