Largest Gift to Date: Board Chair Rick Caruso Donates $5 Million to Fund 1901 Venice Boulevard Project and Endow a Four-Year Scholarship

Board Chair Rick Caruso Donates 1901 Venice Boulevard Project LARGEST GIFT TO DATE:

THE MINUTE Loyola Board Chair Rick Caruso walked through Ruppert Hall’s arched front doorway to meet with Fr. Gregory M. Goethals, SJ ’73, the banter began. The irrepressible back-and-forth went on for over an hour as the two good friends toured the site of the soaring new Caruso Hall, went back to iconic Dunn Courtyard to talk and finally to the President’s conference room, the site of many previous meetings.

Mr. Caruso was on campus that late October morning for what would be a gamechanger for the Jesuit prep school. He and his wife Tina were donating $5 million, earmarking $4.5 million for the 1901 Venice Boulevard Project and $500,000 for the Caruso Scholar endowment. This transformational gift is one of the largest gifts to Loyola and the largest single gift to date that Loyola has received for the project, ushering in a new era. In addition, the gift will fully endow a four-year scholarship for a high-performing, low-income student from an underserved Los Angeles neighborhood.

“Tina and Rick’s gift is a historic investment in our school, in our students and in our endowment. Their generosity

to Loyola will affect generations of Cubs to come,” said Fr. Goethals, SJ.

Rick and Tina Caruso were motivated to make their gift in recognition of the past and ongoing commitment Loyola has played in the region. “Through its mission, Loyola has had great success in forming and educating young men over 100 years. These young men go back into society and become the leaders in business, medicine and many other fields,” said Mr. Caruso. “That’s why Xavier Center is important to us. It has historically been the core of this special place where it celebrates its community through student meetings and Masses. It is the physical heart of the campus.”

Mr. Caruso isn’t new to Loyola and the Jesuits, though. Both his brother Marc ’87 and son Justin ’14 are Cub alumni. He feels strongly “that it’s one of the best high schools, certainly in Southern California, and provides the greatest educational opportunities. Equally as important is the overlay of faith. We are strong believers in what the Jesuits do in terms of educating young men.”

$5 Million to Fund and Endow a Four-Year Scholarship

THE CARUSO GIFT also includes the Caruso Scholar endowment reflecting the family’s long legacy of supporting educational institutions that help transform the lives of children living in poverty throughout southern California. This particular program offers high-performing, low-income students access to the world-class curriculum offered at Loyola and enhances our school’s commitment to its already diverse student body. This is an important endeavor for Mr. Caruso. “Simply put, my family and I have been very blessed. We feel it’s important to share our blessings with others who are less fortunate, giving them an opportunity for a great education.”

Beginning in the 2020–2021 academic year, Loyola will have its first Caruso Scholar who will enjoy a four-year scholarship, fully endowed by the Caruso Family Foundation.

The student will be chosen based upon the following criteria:

• Demonstration of Financial Need • Demonstration of Academic Achievement • Family Support and Commitment to Higher Education • Underserved Local Areas

THE 1901 VENICE BOULEVARD PROJECT includes the building of the 26,188 sq. ft. Caruso Hall, formerly Xavier Center. It will be used for more than 200 events a year and will include: a dedicated sacristy to service liturgies; hidden operable walls that transform the Grand Hall into three separate rooms with multi-area capacity for AP testing and/or events; state-of-the art integrated communications and AV equipment; a full-service banquet kitchen, capable of serving 800 guests; a multi-purpose student kitchen; and ADA-compliant restrooms.