On April 23, 2008, Syracuse University established The David B. Falk Center for Sport Management, an annex to the Carrier Dome, to better prepare graduates to enter the sports industry, and student-athletes to manage realities of professional sports through life-skills training, in its College of Human Ecology. It was supported by a $5 million gift from Falk and his wife Rhonda. The Falk Center's inaugural event was a panel discussion on issues in contemporary sports at Madison Square Garden in New York City. Falk is chair of the university's Sport Management Advisory Board.