Rochester Institute of Technology has received a $3 million gift from one of its most dedicated alumni, concluding a $20 million challenge to raise money for the Saunders College of Business.
Joseph M. Lobozzo II, who is founder and former CEO of JML Optical Industries Inc., provided the gift. The donation was just one in a long line that Lobozzo has given the college over the years. He earned an executive master’s degree in business administration in 1995 —the first MBA class —from the Saunders College.
“Joe Lobozzo has demonstrated generosity, passion, innovation and achievement in the business world—and best of all, has never forgotten his Tiger pride,” said RIT President David Munson. “His contributions to our university are immeasurable, and this gift will help keep Saunders College strong and attract top faculty, develop cutting edge curriculum and maintain state-of-the-art facilities.”
In recognition of his generosity to RIT, Lobozzo was given earlier this year the 2017 NRS Award, the highest honor given by RIT’s Nathaniel Rochester Society. He served on the RIT board of trustees for 14 years, on advisory boards for several university programs, established a scholarship and was a named laboratory sponsor.
“I believe RIT is a goldmine to our community, to our country, and for me it was very easy to want to support it,” Lobozzo said.
The giving challenge Lobozzo completed started with a $5 million donation from E. Philip Saunders, the local philanthropist and entrepreneur for whom RIT’s business college is named.