Notre Dame News | October 26, 2017
The University of Notre Dame today announced a first-of-its-kind, $100 million unrestricted commitment from Kenn Ricci, an aviation industry leader who is a Notre Dame alumnus and Trustee, and his wife, Pamela.
The single largest unrestricted guaranteed gift ever committed to the University is being made through a Philanthropic Succession Partnership (PSP), an innovative giving structure developed by Ricci, founder of Directional Aviation Capital, a holding company for aviation companies he has founded or acquired.
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.
Upon Ricci’s death, Notre Dame will receive beneficial rights to a limited partnership interest and become the partnership’s successor general partner. The University will hold the controlling interest and have responsibility for the valuation, liquidation and distribution of the partnership’s assets, providing incentive to maximize their value. The proceeds will fulfill any outstanding portion of the Riccis’ $100 million commitment.
“I cannot adequately express my gratitude to my friends, Kenn and Pam, for this bold, innovative gift that will impact generations of our students and strengthen the University’s mission as a truly great, truly Catholic university,” said Rev. John I. Jenkins, C.S.C., president of the University. “Kenn’s distinguished business career has been characterized by visionary innovation, and we are tremendously fortunate that he brings that visionary leadership to help Notre Dame.”