FOR IMMEDIATE RELEASE
Thursday, Sept. 11, 2008
Contact:
Bill
Bissett, Chief of
Staff/Senior Vice President of
Communications, (304) 696-6713
Allied Realty Company of
Huntington first to donate
to Marshall University under
‘Bucks for Brains’ initiative
HUNTINGTON, W.Va. – Allied Realty Company of Huntington has made the first donation to the Marshall Institute for Interdisciplinary Research (MIIR) as part of West Virginia’s “Bucks for Brains” initiative.
The gift of $100,000, announced by Allied Realty Company’s CEO/President Lake Polan III, is the first the University has received since the passage of the Research Trust Fund Bill, which allocates $15 million to Marshall University and $35 million to West Virginia University as research endowment trust funds to be matched by contributions from each institution’s foundation.
Polan said Allied Realty Company has been committed to the City of Huntington and to Marshall University since the company was founded in 1922 by Walter H. Lewis. Its second President and CEO, Lake Polan, Jr., was a member of the Marshall University Foundation for more than 20 years, also serving as its president.
“Allied’s Board of Directors is pleased to donate $100,000 to the Marshall Institute for Interdisciplinary Research, which will strengthen the University as a research institution while serving as an engine of growth for the community at large,” Polan said.
The research endowment is modeled after a highly successful program in Kentucky. As envisioned, the principal funds in each endowment would not be touched, but the interest income from each account would fund research grants in specialized fields such as biotechnology and biometrics. The goal is for the universities to create new spin-off businesses and high-paying jobs as research results in breakthroughs, patents and products.
Governor Joe Manchin said the contribution is important for Marshall University as well as businesses in the state.
“Thanks to support from businesses such as Allied Realty, Bucks for Brains is already facilitating the public-private partnerships that will build Marshall’s research pedigree, as well as stimulate the economy and help to create jobs in the future,” Manchin said. “This is truly a win-win for the State of West Virginia and its business partners.”
Marshall University President Stephen J. Kopp commented on the importance of this gift.
“Marshall University is extremely grateful to Lake Polan III and Allied Realty Company for this gift in support of research at Marshall University through the Marshall Institute for Interdisciplinary Research,” Kopp said. “Lake is a community business leader who understands the importance of research-based economic development to the future of our state and region. His gift on behalf of Allied Realty Company affirms the vision and commitment we have toward creating new, high-value job opportunities that add to the diversification of our economy and help us progress toward a larger common goal: to fulfill the promise of a better future for all West Virginians.”
Allied Realty is a third-generation family owned business with headquarters in Huntington. Its holdings include commercial buildings in downtown Huntington and Allied Logistics, a family of companies providing global logistics services, which is located in Huntington, Kenova, Nitro and Parkersburg, as well as Waynesboro, Va., and Harrisonburg, Va.
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