Nova Scotia

Cape Breton University receives $2M donation

Cape Breton University has received its largest single donation
The 25,000-square-foot Shannon School of Business is expected to have classrooms, boardrooms, a student lounge and faculty offices. (Cape Breton University)

Cape Breton University has received its largest single donation.

Joe and Ruth Shannon and their family gave $2 million for the Shannon School of Business Cornerstone Campaign, the university announced Monday.

"On behalf of my family, I am pleased and proud to support the university's fundraising efforts for the Cornerstone Campaign," Joe Shannon said in a statement.

"New infrastructure will make certain that all CBU students at the local, national and international level have the best possible facilities. These facilities will ensure that Shannon School of Business students are equipped with the knowledge and skills to enter and contribute to a challenging, diverse business world."

Shannon, who is a native of Sydney, began raising money toward the $12-million project several months ago. It will go toward the $8-million Shannon School of Business building as well as $4 million for the Purdy Crawford Chair in Aboriginal Business Studies.

Including the $2 million donation from the Shannon family, $9.6 million has been raised so far.

"It is remarkable that, once again, for the third time Joe Shannon has pledged his time and skills to chair a fundraising campaign at CBU. His commitment is a demonstration of his belief in the institution and the role CBU plays in supporting the youth of Cape Breton," Dr. John Harker, president and vice-chancellor of Cape Breton University, said in a statement.

"The magnitude of this $2-million donation from the Shannon family will help CBU elevate the level of gifts the institution can solicit, making the university more competitive."

In June, the university's board of governors approved the proposal for the new building.

The 25,000-square-foot space is expected to have classrooms, boardrooms, top technology, a student lounge and faculty offices.

now