The university announced the donation to campus leaders at its Jan. 22 Board of Trustees meeting. Also at that meeting, trustees approved Cedarville’s $105.2 million operating budget for the 2021-2022 academic year.
Tuition for undergraduate students will increase 2.5% next fall, the university said. Students enrolled in the university’s business, nursing, and ministry graduate programs will see no increase in tuition for the second year.
The new business center building, the Lorne C. Scharnberg Center, is one of the bigger facilities projects planned as part of Cedarville’s 10-year campus master plan. It will be named after Lorne Scharnberg, who previously served as chairman of the school’s board of trustees.
Haymond said the new building will provide more opportunities for students, like better technology and bigger class sizes and classrooms.
“We are humbled and grateful for the support of the Berry Family Foundation,” said Thomas White, president of Cedarville University, in a statement. “Through their generosity, we will continue to develop facilities and programs that transform lives through excellent education and intentional discipleship.”
The university’s School of Business Administration is Cedarville’s third largest academic unit with 441 undergraduate students enrolled in its eight undergraduate majors. The school also offers a fully online Master’s of Business Administration.
Haymond said the school teaches business as a service to others. Haymond said the school hopes to partner with other like-minded organizations to pay for more activities through the Berry Center for Free Enterprise.
With the new center, Haymond said he hopes to educate not only students but the broader public about the benefits of free markets.