The renaming of the University of Illinois Urbana-Champaign’s football stadium was unanimously approved today by the Board of Trustees of the University of Illinois. The board’s formal action follows last week’s historic $100 million gift from philanthropist Larry Gies.
Trustees lauded Gies’ extensive history of financial support of and interactions with his alma mater, including the establishment of the Gies College of Business in 2017. Gies, the founder and CEO of Madison Industries, is honoring the military service of all Americans — including his father, Larry Gies Sr. — in the facility’s renaming to Gies Memorial Stadium.
“Larry Gies has a phenomenal track record of supporting the University of Illinois Urbana-Champaign in a multitude of profound and transformative ways,” board Chairman Jesse Ruiz said. “This latest act of generosity will help to maintain our treasured memorial to the many service men and women who have protected our freedom, for many years to come.”
“The unwavering commitment of Larry Gies to the university and the U of I System is an inspiration to us all,” University of Illinois System President Tim Killeen said. “This gift will help keep Fighting Illini athletics strong for years to come and Gies Memorial Stadium will continue to stand in honor of the service and sacrifices of our country’s veterans.”
Board approves FY26 operating budget
Trustees also approved an $8.9 billion operating budget for the current fiscal year, a 7.8% increase over the previous fiscal year. The finalized spending plan — an update from the provisional operating budget approved by the board in May — prioritizes academic excellence and mission-driven priorities; affordability for students; and resources for student and staff success.
The Illinois General Assembly this year approved a 3% increase to the operating budgets of all public universities. Of this, 1% has been released, while 2% remains held back by the state and may be released later this year. State appropriations account for 10% of the U of I System operating budget, excluding state fringe benefits.
The system set a record fall enrollment this year with 101,081 students enrolled on its campuses in Urbana-Champaign, Chicago and Springfield. The student tally added 3.4% to the previous year’s record totals; in the past decade, system enrollment has risen 25.9%.
All three universities provide free-tuition programs for qualifying Illinois students. Forty-one percent of resident undergraduates pay no tuition or fees, and two-thirds pay less than the full price. The system also froze tuition in most of the past 10 years.
New treasurer approved
The board also approved the appointment of Howard Engle as the system’s treasurer, replacing the retiring Lester McKeever Jr., who served in that capacity for more than 30 years.
A retired partner with the Chicago office of Deloitte, Engle previously was the chair and co-founder of the graduate tax program at the University of Illinois Urbana-Champaign and an adjunct lecturer in the College of Business for more than 25 years. He received an undergraduate degree in accountancy with highest honors from Urbana and a master’s degree in taxation from DePaul University.
McKeever, a Chicago native, graduated from the Urbana university in 1955 with a degree in accountancy. In addition to serving as a partner in Chicago accounting firms, he chaired the Federal Reserve Bank of Chicago and has given his time to numerous corporate boards.
