The estate of former Butane Gas Inc. of El Dorado owner Arley D. Cathey has donated $50 million to his alma mater, the University of Chicago.
It’s the largest estate gift in the university’s history, the school said in a news release Thursday. The money will be used to support initiatives aimed at improving access to financial aid, undergraduate research and new international education programs for students and faculty members abroad.
The university is launching a $20 million match campaign to support a scholarship program that provides a loan-free education for students who couldn’t otherwise afford it, the release says.
Cathey, who also owned successful furniture and appliance businesses, died in 2020 at age 93. In his later years, he sold most of his assets and invested in the stock market, where he grew his wealth, according to the university.
He committed his estate to the university in 2012 when it was valued at $17 million. Several facilities on campus are named in his honor.
The university said Cathey would regularly travel from El Dorado to Chicago for campus events including alumni gatherings and barbecues. Cathey, who was known for his bowties, often ate lunch alongside students in the campus dining hall.
“The College is profoundly appreciative of Arley’s bequest,” John Boyer, the dean of the college, said in a news release. “The founders of UChicago believed undergraduates should use their educations to transform and improve the public welfare. Not only did Arley’s College experience enable him to meaningfully impact the world as a scholar and businessman, but his boundless devotion to and respect for UChicago also will give more students the opportunity to enjoy the distinctive education he so greatly valued for years to come.”
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