The University's Capital Campaign designed to raise $3 billion by 2011 continues to experience success, with $1.6 billion collected since January 2004, placing the University on the same fundraising level as private institutions such as Yale and Columbia.
"We're very pleased and proud because we recently hit the halfway point of the campaign," said Bob Sweeney, senior vice president for development and public affairs, adding that as of Dec. 31, 53.33 percent of funds had been raised, with 50.02 percent of time in the campaign elapsed.
According to Sweeney, philanthropic donations will be one of the essential funding components of the University from this point forward.
"We want to truly be [the] first privately funded public university that still holds true to its mandate," Sweeney said, adding that as a result the University will not be as dependent on state support. "With philanthropy programs we are much less vulnerable to dips in state economy than our sister institutions."
According to Sweeney, the University has always been a beneficiary of strong support from alumni.
"It's only during Casteen's presidency that we have made these dramatic, bold moves in fundraising," Sweeney said, adding that the success of the campaign puts the University on par with private schools that are traditionally leaders in fundraising. "We were the first to announce a goal of $3 billion, then Yale announced three, and Cornell, Stanford and Columbia announced $4 billion."
Sweeney said officials still have many avenues to explore in terms of raising the remainder of the $3 billion as many alumni have not yet been solicited and he feels some strong supporters may offer additional donations as new endeavors are announced.
According to Sweeney, funds raised through the Campaign will be allocated to virtually every school and program across Grounds. Funding has already been directed to aid in the Commerce School's Rouss Hall project as well as construction of the South Lawn, John Paul Jones Arena and other buildings. One institution on Grounds already benefiting from the campaign is the University library system.
"Our major goals are for endowments in support of collections, preservation and innovation," said Hoke Perkins, associate University librarian for philanthropy.
According to Perkins, the Declaration of Independence collection and a Buddhist studies collection are among the rare materials already received by the library through philanthropic donations.
"As the University expands its programs, we would like the library to grow along with it," Perkins said. "We've always been a leader in library services and innovation, and we're determined to play a part in leading the world in research libraries"
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