Duke University To Share In $1B Dollar Gift

Duke University is getting its largest gift since the donation that founded the school in 1924. 

It's one of three universities and a health clinic sharing a more than a $1 billion donation and is considered one of the largest gifts in the history of higher education. 

Duke University is getting about $260 million, as is the University of Southern California and MIT. The Cleveland Clinic, a health care institution, is also receiving a similar amount for medical research and education.

The gifts come from this year's sale of the Lord Corp. to Parker-Hannifin Corp. for almost $3.7 billion. Lord made products that dampened noise and vibration, specialty adhesives and other products used by the automotive and aerospace industries.

In 1982 the late Thomas Lord set aside ownership shares in the company for four foundations to benefit the recipients.

Duke says it will put the money in its endowment, using it for undergraduate financial aid, funding for a new engineering building, and support for science and technology education.