October 12, 2006 | Read Time: 2 minutes
In a span of just two days, three universities announced capital campaigns seeking $3-billion or more — and if they achieve their goals, the institutions could set new fund-raising records for nonprofit institutions of all kinds.
Columbia University, in New York, is seeking to raise $4-billion by the end of 2011, which would be the largest amount ever raised in a capital campaign by any organization.
The University of Virginia, in Charlottesville, aims to raise $3-billion over that same period, a record amount sought for a public university. Yale University, in New Haven, Conn., has also announced a $3-billion campaign, set to conclude in 2011.
The University of California at Los Angeles currently holds the record among universities for the most raised in a single campaign. The public university raised $3.05-billion in a 10-year campaign that concluded last February, beating its $2.4-billion goal.
Currently, more than 25 colleges and universities have capital campaigns under way that are each seeking a billion dollars or more, according to The Chronicle of Higher Education. And both Stanford University, in California, and Cornell University, in Ithaca, N.Y., are expected to announce major campaigns soon.
‘Quiet Phase’
The three latest campaigns began gathering pledges from key benefactors in 2004 during a two-year “quiet phase.” Columbia has already received $1.6-billion in cash and pledges, while Yale has received approximately $1.3- billion and the University of Virginia has raised $1.24-billion.
Columbia officials hope the campaign will add $1.6-billion — some 40-percent of the $4-billion goal — to the college’s endowment. Another $1-billion would pay for new facilities.
Similarly, the University of Virginia has plans to use nearly half of the $3-billion it is seeking for “enhancing the university experience for students and faculty,” an aim that will include the creation of additional scholarships, fellowships, and professorships.
John Lippincott, president of the Council for Advancement and Support of Education, in Washington, says he expects to see more and more colleges launch capital campaigns seeking a billion dollars or more.
“It’s a sign that a very strong trend continues unabated,” Mr. Lippincott said of the ever-larger capital campaigns. “Giving to higher education in the U.S. has doubled every 10 years. When we stop seeing the next, bigger campaign, it will probably be noteworthy.”
