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HEMPSTEAD, New York (WABC) — Hofstra University has received one of its largest gifts ever.
The estate of Hofstra University alumnus Charles C. Frei, class of 1955, gave $35 million to fund undergraduate scholarships for the Frank G. Zarb School of Business.
Frei's gift is the largest toward undergraduate education and the second largest in the history of Hofstra.
Hofstra's president said the donation will be used as an annual scholarship fund for students in the business school.
"We are deeply honored and profoundly grateful for the generosity of our distinguished alumnus Mr. Charles C Frei. This gift marks a transformative moment in Hofstra's history and Mr. Frei's legacy will shape the futures of countless students," said university president Susan Poser.
Frei died in October 2022. He earned a marketing degree at Hofstra and was the founder of a capital management firm.
"Mr. Frei's generous gift solidifies the Frank G. Zarb School of Business as a global leader in business education," said Janet Lenaghan, dean of the Zarb School of Business. "The Frei endowment will further empower our students with enhanced resources and opportunities, supporting their preparation as the next generation of business leaders and enabling them to pursue their academic and professional aspirations with greater ease and confidence."
The scholarships will begin in the 2025-2026 academic year.
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