Frontier Airlines Chairman Bill Franke and his wife, Carolyn, are donating $25 million to the Mayo Clinic School of Medicine in Scottsdale, Ariz., the Phoenix Business Journal reported.
Most of the money — $20 million — will reportedly go toward scholarships. The rest will go toward operations, such as faculty development and curriculum.
The $25 million donation marks the largest gift to the Mayo Clinic School of Medicine in Scottsdale since Mayo Clinic's Arizona campus opened last year, according to the Phoenix Business Journal. Mayo Clinic's medical school in Scottsdale welcomed its first class of students on July 18, 2017. According to the report, the medical school has 100 students, including 50 first-year students.
Mr. Franke, who also is managing partner of private equity firm Indigo Partners, told the Phoenix Business Journal the $25 million gift will help ensure scholarships are available to students in need.
"Students face years of commitment at a significant financial cost," he said. "As a family, we are focused on making that journey less onerous in the hope that qualified, talented and in need students are not discouraged by the financial burden. We want them focused on the medical education that Mayo Clinic School of Medicine can provide."
The Mayo Clinic Education Center at Mayo Clinic's campus in Phoenix reportedly will be named the Mayo Clinic Franke Education Center in recognition of the gift.
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