Simplify the following text for a Grade 8 native English-speaking person.
Original: The University is named after Dr. Horace Brinsmade Silliman , a retired businessman and philanthropist from Cohoes , New York who gave the initial sum of $ 10,000 to start the school .
Simplified: On the other hand , the one who gave the money to start it was Horace Brinsmade Silliman , a businessman from Cohoes , New York .