Marian University moves ahead despite lack of pledged money

INDIANAPOLIS (AP) — A businessman who pledged $48 million to build a medical school for a small Catholic university has ponied up only about one-fifth of that, but the school’s president says it’s not causing a financial crisis.

Marian University President Daniel Elsener tells the Indianapolis Business Journal (http://bit.ly/2bjm6sG ) he doesn’t know whether Michael Evans, the founder and former owner of AIT Laboratories, will make any more payments beyond the nearly $10 million he already has given.

The Indianapolis university is sitting on debts it took out based partly on Evans’ pledge, made five years ago, when he promised to pay the full amount within nine years.

Evans’ attorney declined to answer questions about Evans’ balance and finances.

AIT has experienced financial problems over the years, including declining revenues and profits.

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Information from: Indianapolis Business Journal, http://www.ibj.com

 

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