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These alumni have gone on to hold high-ranking public offices, found social-impact-focused ventures and join the C-suites of Fortune 500 companies, UM said. Fred Erb, who died in 2013 at age 90, amassed his wealth by building his uncle’s lumber and coal business into a multistate enterprise with $280 million in sales before selling Erb Lumber in 1993. A $6 million gift from Veronica and Fred Alger, who founded the Wall Street firm Alger Management and is a descendant of the family that donated the home in 1949, is funding the theater renovation. “The theater had served this community and the surrounding communities for nearly six decades … (and) people have a lot of memories here at the former theater,” President and CEO Maria Miller said. “We’re going to start small next year, and we’ll see what the appetite is for from the community in terms of programming. … As we build it and we’re thinking of programming, it would be nice to offer first-run (movies).” The gift follows Fred Alger’s earlier $20 million commitment between 2019 and 2021 to fund construction of the 25,000-square-foot waterfront community center named for him and other capital projects on the campus and another $2 million contribution made in 2023 for restoration efforts at the historic home.
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