Smeal College of Business

UNIVERSITY PARK, Pa. — In a year when Penn State as a whole achieved unprecedented fundraising success, the Smeal College of Business was one of nine colleges, campuses and units to set their own fundraising records. In fiscal year 2026, which ended on June 30, the college raised $45 million to fund student scholarships, support faculty research, drive innovative new programs and enhance its facilities.

This momentum reflects a broader University trend as Penn State prepares for the public launch of its most ambitious fundraising campaign to date, with donors at every level contributing more than $662.7 million in new gifts to the University.

Corey Phelps, John and Karen Arnold Dean, said he was grateful to the thousands of alumni, corporate partners, parents, friends and foundations who contributed to Smeal’s record-breaking success.

“Their generosity fuels the excellence that defines our college, from exceptional teaching and research to meaningful opportunities for students to learn, lead and make an impact,” he said. “As we advance our Top 5 in 5 vision, philanthropic support will continue to be a critical driver of our progress.”

The record-setting fundraising year coincided with Smeal’s launch of Top 5 in 5 — the college’s strategic plan to become a top-five public business school by 2030. The plans focuses on student access and success, career outcomes, faculty excellence, research impact, innovation, physical and technology infrastructure, and alumni and corporate engagement.

“This is especially meaningful because it directly supports the priorities that will define Smeal’s future,” Phelps said. “As we pursue priorities in our strategic plan, philanthropic support will help us create more opportunities for students, attract and retain exceptional faculty, strengthen our connections with industry and expand the reach and impact of a Smeal education.”

Smeal’s Top 5 in 5 strategic plan is anchored by three signature platforms:

• SmealX will bring together career readiness, experiential learning, tutoring, mentoring, study abroad, advising and mental health support so every student graduates with real-world experience, in-demand skills, global fluency and resilience.
• Smeal COMPASS will position the college as a leader in responsible management education by embedding ethics, sustainability, social responsibility and responsible AI across the curriculum, research, partnerships, community engagement and operations.
• The Smeal Exchange, envisioned as a 50,000-square-foot, tech-forward expansion of the Business Building, will create spaces that support student success, employer engagement, collaboration and thought leadership.

Examples of gifts received in FY26 that advance Smeal’s strategic plan include:

• Anonymous donors made a cash gift to establish a spend-down fund in support of SmealX. This gift will help create hands-on opportunities for Smeal students through travel, research, internships, conference attendance, field trips, study abroad, workshops, mentoring and other out-of-classroom experiences.

• Penn State emeritus professors Gerald and Elizabeth Susman increased their support to Smeal through additional estate provisions, including a new graduate fellowship in management. The couple also pledged immediately spendable funds for early activation of their previous estate commitment to Gerald I. Susman Early Career Professorship in Sustainability. Together, the Susmans’ commitments support both Smeal COMPASS and Research Excellence.

• Penn State Trustee Kelley Lynch made near term gifts and an estate commitment to support student success. Her estate commitment to Penn State includes the Kelley M. Lynch Student Success Scholarship and Kelley M. Lynch Study Abroad Scholarship to benefit Smeal students. Lynch has also pledged to provide funds annually for each scholarship for early activation. Study abroad is a core part of the SmealX initiative, which is focused on building the global fluency of Smeal graduates.

• Doug and Renee Karns completed a five-year pledge to the Doug and Renee Karns Honor and Integrity Program Fund, strengthening the foundation of Smeal COMPASS by advancing the college’s commitment to honor, integrity, and ethical leadership. The Karns’ gift has supported signature initiatives within Smeal’s Center for Business Ethics and Social Responsibility, including the first‑year Honor and Integrity Case Competition, Integrity Advocates, and Smeal Ethical Leadership Challenge.

• Sonu and Nina Kalra made a pledge to create the Sonu and Nina Kalra Early Career Professorship and name a classroom in the Business Building. The classroom naming opportunity supports the Smeal Exchange by providing flexible funds for the physical spaces where students connect, collaborate and build the relationships that define the Smeal experience. The early career professorship will support a junior faculty member in Smeal’s Departments of Finance, Marketing or Accounting.

• Former Alumni Society Board member Lynn Cruser and her husband, George, established the Lynn and George Cruser Pathways Fund to support FIRST@Smeal, an initiative that helps first-generation business students confidently navigate academic and professional pathways through mentoring, connections, and tailored programming.

Smeal’s Top 5 in 5 plan also prioritizes external engagement and philanthropy by building partnerships and elevating Smeal’s brand. Programs like Smeal In Your City advance this goal by bringing alumni and professional graduate students together for one-night networking events held at local venues around the world.

This year’s event was held on Feb. 11 in 20 locations, including Arlington, Virginia; Atlanta; Boston; Charlotte, North Carolina; Chicago; Cleveland; Dallas; Denver; Harrisburg, Pennsylvania; Houston; London; Miami; New York; Philadelphia; Pittsburgh; Raleigh; Seattle, Washington; State College, Pennsylvania; Tampa/Clearwater, Florida; and Zurich, Switzerland.

Gifts to Penn State advance the University’s historic land-grant mission to serve and lead. Through philanthropy, alumni and friends are helping students to join the Penn State family and prepare for lifelong success; driving research, outreach and economic development that grow our shared strength and readiness for the future; and increasing the University’s impact for families, patients and communities across the commonwealth and around the world. Learn more by visiting raise.psu.edu.