Stanford University struggled financially after the death of Leland Stanford in 1893 and again after much of the campus was damaged by the 1906 San Francisco earthquake. Following World War II, Provost Frederick Terman supported faculty and graduates' entrepreneurialism to build self-sufficient local industry in what would later be known as Silicon Valley. The university is also one of the top fundraising institutions in the country, becoming the first school to raise more than a billion dollars in a year.
The university is organized around three traditional schools consisting of 40 academic departments at the undergraduate and graduate level and four professional schools that focus on graduate programs in law, medicine, education and business. Students compete in 36 varsity sports, and the university is one of two private institutions in the Division I FBSPac-12 Conference. It has gained 123 NCAA team championships, the most for a university. Stanford athletes have won 522 (the most) individual championships, and Stanford has won the NACDA Directors' Cup for 24 consecutive years, beginning in 1994–1995. In addition, Stanford students and alumni have won 270 Olympic medals including 139 gold medals.
Stanford University was founded in 1885 by Leland and Jane Stanford, dedicated to Leland Stanford Jr, their only child. The institution opened in 1891 on Stanford's previous Palo Alto farm. Despite being impacted by earthquakes in both 1906 and 1989, the campus was rebuilt each time. In 1919, The Hoover Institution on War, Revolution and Peace was started by Herbert Hoover to preserve artifacts related to World War I. The Stanford Medical Center, completed in 1959, is a teaching hospital with over 800 beds. The SLAC National Accelerator Laboratory (originally named the Stanford Linear Accelerator Center), which was established in 1962, performs research in particle physics.
Jane and Leland Stanford modeled their university after the great eastern universities, most specifically Cornell University. Stanford opened being called the "Cornell of the West" in 1891 due to faculty being former Cornell affiliates (either professors, alumni, or both) including its first president, David Starr Jordan. Both Cornell and Stanford were among the first to have higher education be accessible, nonsectarian, and open to women as well as to men. Cornell is credited as one of the first American universities to adopt this radical departure from traditional education, and Stanford became an early adopter as well.