Donald G. Costello Trust Donates $50M To George Mason University To Rename Business School

FAIRFAX CITY, VA — Coinciding with the launch of the Mason Now: Power the Possible fundraising campaign, George Mason University recently announced that its business school would be named in honor of the late business owner Donald G. Costello.

School of Business Dean Ajay Vinzé made the renaming announcement during an April 27 ceremony marking the planned gift of $50 million from the Donald G. Costello Trust. The gift is the largest naming gift the Northern Virginia-based university has received in its 51-year history.

“This gift is a game-changer for the business school and the region,” Vinzé said, in a release. “We are deeply grateful to Joseph Contrucci, Trustee of the Donald G. Costello Trust, and Mr. Costello’s daughter, Sara Costello, for their confidence in our ability to extend the legacy of a forward-thinking entrepreneur whose creativity, hard work, and determination changed the lives of people around him.”

Mason President Gregory Washington said the renaming announcement was a fitting gift to launch the Mason Now campaign.

“As the most innovative university in Virginia, Mason leads the way in creating new academic programs to meet the evolving needs of the 21st-century economy," he said. "Mr. Costello’s success is a testament to his hard work, tenacity, and steadfastness —the same qualities we seek to instill in our students.”

Born in Leesburg in 1942 and a graduate of Loudoun County High School in 1960, Costello went on to co-found the Century Stair Company, which grew to become the largest stair manufacturer on the East Coast. Costello died in 2017.

“Don and I have always seen George Mason University and its School of Business as a catalyst in fueling the Northern Virginia economy,” Contrucci said, in a release.“This gift will further that impact by creating career opportunities and new businesses for decades to come.”

With 4,600 undergraduate and 650 graduate students, Mason's School of Business is the second largess business school among public universities in Virginia. The school is taking steps the initial steps to transform Donald G. Costello School of Business later this year, according to a release.