Realizing the seriousness of inadequate College funding, University officials have defined fundraising objectives for the College through the year 2005, estimating that efforts over the next five years need to yield over $250 million.
University President John T. Casteen III and Robert Sweeney, vice president for development, will be at the forefront of fundraising efforts.
Discussions to define specific fundraising objectives have been ongoing for almost a year, said College Dean Melvyn P. Leffler. Fundraisers plan to continue soliciting substantial support from donors as they have throughout the University's Capital Campaign, Leffler said.
The Campaign, which surpassed its $1 billion goal in December 1999, is still in progress but will end in December.
"We have enjoyed fabulous success in this campaign, already almost double our initial objective," Leffler said. "Our objective right now is to sustain this momentum and to lay out a vision that integrates private fundraising with our academic needs and objectives over the next five years."
Although the fundraising efforts are expected to raise between $250 and $300 million, Sweeney and Casteen have not yet determined an exact target. The preliminary figures are based on an estimate of the resources necessary to sustain the College's renovation and progress over a decade.
Targeted areas in the College include revitalizing programs in the natural sciences and fine and performing arts.
Funds will help defray start-up costs in the sciences, renovate labs and establish endowments to support faculty research chairs.
Several of the aims coincide with the goals of the Virginia 2020 Commission, including raising money for the renovation and expansion of the drama building, constructing a new music building and developing a center to support the integration of digital technology and the humanities.
"The two fundraising efforts are likely to overlap in many ways," Casteen said.
The Commission, established by the president's office, sets goals for University development over the next 20 years.
"Private fundraising is enormously important these days to all highly ranked public universities because most states are unable to support fully the strength and range of academic programs, library collections, facilities and technology infrastructure that we want to offer our students," University spokeswoman Louise Dudley said.
Casteen said seeking outside funds for the University is essential, partially because of the tuition cap for in-state students and slow progress on tax-funded capital projects for the College and Graduate School.
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