Michael and Mary Sue Shannon  Photo © Cordova Photography

Shannon family bestows $1 million gift on Kellogg School in honor of Professor Lawrence Revsine

Funds to support junior faculty research in financial reporting

Last fall during a weekend visit to Evanston, Michael Shannon '83 reached out to reconnect with one of his former Kellogg School of Management professors.

Lawrence Revsine, the John and Norma Darling Distinguished Professor of Financial Accounting, was delighted to meet with Mr. Shannon, managing director of KSL Capital Partners, and his family.

During the "pleasant, low-key" and impromptu occasion, Professor Revsine reminisced and shared career highlights with Mr. Shannon, who later penned a note thanking him for the reunion.

Then, in February, Revsine enjoyed another gesture of appreciation: Mr. Shannon and his wife Mary Sue bestowed a $1 million gift on the Kellogg School in honor of the accounting professor. The gift will fund the Lawrence Revsine Research Professorship in Accounting, which will be awarded to junior faculty engaged in financial reporting research.

"Larry Revsine is a brilliant teacher and motivator and has a uniquely effective style of making accounting come alive in the classroom," said Mr. Shannon. "His sense of humor and clear, insightful teaching style make him a perennial favorite among students.  My wife and I wanted to make a gift to Kellogg in Larry Revsine's name in recognition of his terrific contribution to Northwestern University, and to help ensure future Kellogg leadership in accounting and finance."

Professor Revsine said he is very moved by the gift. "The Shannons' generosity will allow Kellogg to continue its tradition of accounting excellence and leadership," he said.

Revsine, who received the American Accounting Association's Outstanding Educator Award in 1992 and the Illinois CPA Society Outstanding Educator Award in 1993, explained that he and Mr. Shannon met in 1980 when Revsine served as a consultant in the First Chicago Banking School, where Shannon worked before pursuing his studies at Kellogg.

Having received numerous distinctions for teaching excellence at Kellogg, including the L.G. Lavengood Outstanding Professor of the Year Award, Revsine said he strives to engage his students with a fresh, dynamic perspective.

"I aim to bring my own research and enthusiasm into the classroom," he said. "In some other schools, the financial reporting material that I teach is often not the type of subject matter that lights a fire under students. So over the years, I developed a more exciting 'financial statement detective  approach to the material that was one of the earliest forensic accounting-driven financial reporting courses."

Over the years, Kellogg students' receptiveness to that approach has continued to invigorate Revsine. He has published nearly 60 articles in leading academic and applied journals and has lectured throughout the world on these research topics, as well as on the pedagogical approach he has developed. For example, he has spoken in Finland, Hungary and Poland as the American Accounting Association's Distinguished International Lecturer, as well as in Hong Kong, New Zealand, Norway, Holland and the United Kingdom.

"Alumni gifts such as this one reflect a growing philanthropy on which Kellogg relies to provide key support for faculty and their research," said Whit Shepard, associate dean of  development and alumni relations. "As alumni give back to Kellogg, they are shaping the experiences of others through their generous contributions."