SIOUX CITY, Iowa – Morningside University is proud to announce a transformative $1 million gift from alumni Larry and Joan Arnold to establish the Larry and Joan Arnold Center for Entrepreneurship and Economic Development within the Morningside University School of Business.


“We are incredibly grateful for the generous support from Larry and Joan Arnold,” said Dr. Albert Mosley, President of Morningside University. “This center will cultivate the entrepreneurial spirit and drive economic development both within our university and the broader community.”


Larry Arnold, who was president of Tau Kappa Epsilon during his time at Morningside and served on the Morningside University Board of Directors from 2010 to 2017, graduated from Morningside in 1965 with a Bachelor of Arts degree before obtaining his MBA from Northern Illinois University. Joan Arnold graduated in 1967 with a Bachelor of Arts degree and was a member of the Alpha Delta Pi sorority while at Morningside.


After Larry obtained his MBA, the couple moved to Denison, Iowa, where Larry taught as an assistant professor of business at a small college, while Joan embarked on her first entrepreneurial venture by opening a preschool. In 1970, Larry accepted a position in the institutional equity department of Piper Jaffray in Minneapolis. During their time in Minneapolis, the Arnolds built a contemporary home, which inspired Joan to establish a high-end custom home building company, J Arnold & Company, that she ran until her retirement from it. Meanwhile, Larry continued his career at Piper Jaffray until 1986 when he left to co-found Wessels, Arnold, & Henderson, a Minneapolis-based investment banking and institutional brokerage firm that he stayed with until he retired as a managing general partner.

As a result of their entrepreneurial endeavors, the Arnolds have long been interested in supporting entrepreneurial initiatives at Morningside, expressing a desire many years ago to invest in creating a robust entrepreneurship program when the time was right. The Arnolds shared, “Our gift is meant to enhance the vibrant ecosystem of innovation and practical learning already found in the Morningside University School of Business, while reinforcing Morningside’s role as a catalyst for regional economic vitality. It is our firm belief that entrepreneurship is the economic backbone of our country, and we look forward to watching the vision for the Center unfold in the months and years to come.”


The Larry and Joan Arnold Center for Entrepreneurship and Economic Development will be located in the forthcoming new business building, for which Tom Rosen ’70 provided initial funds in March 2024. The Center will foster innovation, support business start-ups, and contribute significantly to economic growth. Morningside University looks forward to the Center’s contributions to the business landscape and the lasting legacy it will create in honor of Larry and Joan Arnold.