Martin V. and Martha K. Smith Foundation becomes CSUCI’s single largest donor

By Pamela Dean

The family of former Ventura County philanthropist and real estate developer Martin V. “Bud” Smith has generously donated $10.5 million to his namesake—the Martin V. Smith School of Business & Economics (MVS School).

With this gift, the Smith family has given more than $19 million to CSUCI since their first donation in 1999, making them the University’s largest donor.

Martin V. Smith and Martha K. Smith in the 1970s

Martin V. Smith and Martha K. Smith in the 1970s

A portion of the gift, a little more than $3.5 million, will be used to finish construction on the MVS School’s new facility. The remaining $7 million comes as the Smith family closes the foundation Bud and his wife Martha created to support community organizations.

“After a strong 20-year relationship between CSUCI and the Martin V. Smith and Martha K. Smith Foundation, our family has decided to sunset the Foundation this year and move the legacy of our work that was started by my grandparents to the University,” said Stacy Cannon, Smith granddaughter and co-chair of the Foundation’s board. “This plan will keep $2.5 million in a donor advised fund with the Ventura County Community Foundation and move the remaining assets valued at $7 million to CSUCI to establish a new endowment to support the MVS School through enhancing the quality of the educational programming and experience for its students and faculty.”

Smith family and board members representing the Martin V. and Martha K. Smith Foundation Front Row (left to right): Brando Pozzi, Vickie Pozzi, Cindi Daley, Margie Tegland, Toni Gardiner, and Nick Joseph Back Row (left to right): Steve Shinsky, Bob England, Kelly McWilliams, Stacy Cannon, Dick Faussett, and Doug Shaw

Smith family and board members representing the Martin V. and Martha K. Smith Foundation Front Row (left to right): Brando Pozzi, Vickie Pozzi, Cindi Daley, Margie Tegland, Toni Gardiner, and Nick Joseph Back Row (left to right): Steve Shinsky, Bob England, Kelly McWilliams, Stacy Cannon, Dick Faussett, and Doug Shaw

The couple’s four daughters, Antoinette Gardiner, Marjorie Tegland, Victoria Pozzi, and Lucinda Daley, along with several of their children and trusted advisors on their board, have overseen the Martin V. Smith and Martha K. Smith Foundation and have been long-time supporters of CSUCI. The family and board believe the biggest impact they can make in Ventura County is through their support of public higher education and workforce development.

Since 2017, 56% of CSUCI alumni have said they plan on remaining in Ventura County after graduation, thus contributing to the viability of the region.

“I think one of the best things we have done as a family and a Foundation is invest in CSUCI,” said Pozzi.  “Since Dad’s bequest and the subsequent donations by the Foundation to name the Martin V. Smith School of Business & Economics, the University has taken diligent and prudent care of our contributions. The MVS School has distinguished itself through its growth, the excellence of its professors and its innovative programs.”

The $3.5 million will be used to complete the renovation of the school’s new home located in the former Manzanita Hall.

The future Martin V. Smith Hall in the early renovation phase

The future Martin V. Smith Hall in the early renovation phase

Large sections of the building were unused and in disrepair before construction began in 2019 to turn it into the business school’s new location. The University invested $7.3 million into the renovation of the middle section of the building’s first and second floors, providing office space for faculty, staff, and administrators along with a conference room.

The gift will extend the MVS School’s footprint to the building’s west wing where two classrooms and a lobby, as well as a mixed-use space for the Institute for Global Economic Research (IGER) and the Entrepreneurship & Small Business Institute (ESBI) are being built. The gift also allows for the renovation of a large adjacent courtyard.

The new space will be called “Martin V. Smith Hall” in honor of Bud Smith. The renovated courtyard will be called the “Martha K. Smith Courtyard” after Smith’s wife.

“The renovations in Martin V. Smith Hall and Martha K. Smith Courtyard will enrich our students’ educational experience by providing numerous spaces for collaboration, hands-on learning and opportunities to engage with our talented and dynamic faculty and industry partners,” said Susan Andrzejewski, Ph.D., Dean of the MVS School.

The $7 million endowment will be used to enhance the quality of educational programming for students such as internships, hands-on projects with local companies, student competitions, and participation in research with faculty, while also providing support for scholarships  and cutting-edge faculty research.

“Mr. Smith was a pioneer in building the economic vitality of Ventura County — and that same pioneering spirit has benefited CSU Channel Islands from the campus’ inception,” said Interim President Richard Yao. “Mr. Smith and his family were among the earliest supporters of the University. Their investment made a powerful statement that the CSU was indeed a pillar of excellence in the community, one that would benefit many generations to come. We are deeply and profoundly grateful that his vision and generosity continue today.”

“My father firmly believed in the importance of having a four-year university in the county. With the next phase of funding for the construction of the Martin V. Smith Hall and for the endowment, the Smith Family Foundation is honored and privileged to support the continued growth of Cal State Channel Islands and the MVS School,” Pozzi said. “This gift not only carries on our father’s legacy but contributes to the development of the area’s future business leaders who will ensure the region’s strength and vitality continues.”

The Martin V. Smith School of Business & Economics is expected to move into Martin V. Smith Hall by the Fall 2022 semester.

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© Fall 2021 / Volume 26 / Number 2 / Biannual

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