The University’s capital campaign currently is falling behind on meeting its goal of raising $3 billion by Dec. 31, 2011.
As of the end of January, the University has raised $180 million less than what was expected to be necessary. As a result, the campaign is 6 percentage points below the desired sum of 77 percent of the ultimate goal.
This figure reflects the $133.4 million that the University raised during the first seven months of the current fiscal year, according to President John T. Casteen, III’s address to the Board of Visitors last Friday. Given the current economic climate, administrators feel fortunate to have received funds and may be aware of how steep the remaining climb could turn out to be.
“We feel good that we are only 6 percentage points behind in this economic crisis that has been called the worst fundraising environment in years, but the reality is that each percentage point is $30 million,” Traub said.
With 22 months remaining in the campaign, however, Traub said she is confident the goal will be reached in time.
In fact, several programs and schools already have reached the goals they set for themselves, Traub said, citing the athletic department and the Education School as examples. The Health System and Law School also are on the verge of completing their individual goals, she added.
Recently, however, gifts to the Health System have slowed down considerably, said Karen Rendleman, associate vice president for Health Systems Development.
“We were very fortunate to get big gifts at the beginning, because things have slowed down in the past 18 months or so,” she said.
It is imperative that each department reach its own goal because such funds cannot necessarily be reallocated to other programs. Fundraising campaigns, after all, are donor-driven, and donors give to the program or initiative to which they have the strongest personal connection, Rendleman and Traub said. If funds are donated specifically to one department, they cannot be placed elsewhere. Thus, although the overall $3 billion goal is important to the University, Traub said, the smaller sub-goals set by individual schools and programs are the campaign’s main priority.
Campaign director are considering how to make these goals more consistent with the broader campaign.
“We have charted exactly how many gifts we need in each category to make the $3 billion mark,” said Bob Sweeney, senior vice president for development and public affairs.
Although the campaign may have fallen below the expected pace, Sweeney said he is encouraged by recent positive trends.
“We’re beginning to see signs of recovery,” he said “It’s not like the growth we saw several years ago but it’s an upturn.”
To continue that upturn, campaign directors have planned 17,000 visits and 8,000 written solicitations to donors, most of whom have given before.
“This may not be the best time to solicit, but it is time to look our alumni, parents and friends in the eye to ask for their help in meeting our goal,” Sweeney said.