Nearly half of the 65 philanthropic gifts of $5 million or more made by private donors last year went to institutions of higher education, according to a report released last Sunday by The Chronicle of Philanthropy.
This number reflects an increase from 22.6 percent in 2006 - 21 out of 93 gifts - and 29.2 percent in 2007 - 26 out of 89 gifts. Richard Mittenthall, president and CEO of the TCC group, a corporation providing strategic planning and consulting services to non-profit organizations and community involvement programs, said he attributes these donations to loyalties donors have to their own schools.
"People want to pay back the places that got them started in life," Mittenthall said.
Edward Merrin, an art dealer who ranks No. 33 on The Chronicle's list of top donors, spoke to The Chronicle of Higher Education, suggesting the added incentives of eponymous buildings or scholarships also drives philanthropy.
Merrin, a Tufts graduate, and his wife gave more than $30 million to his alma mater in support of academic scholarships for students with financial need.
Recently, however, donor fears of an even deeper recession, coupled with uncertainties about tax rules, caused an overall decrease in philanthropic contributions, Mittenthall said.
"I think if the economy picks up, even slowly, then people will think about being more generous and continue to look for more opportunities to be philanthropic," he added.
The University's own private gifts, which are referred to as philanthropic cash flow and can include cash or cash equivalents, totaled to $203.8 million for fiscal year 2010, Vice President for Development Robert Sweeney said. This number does not reflect pledges of support, a category including bequest expectancies and annuities, which experienced a 17.8 percent decrease from the $248 million cash flow from fiscal year 2009. Through Dec. 2010, year-to-date of FY 2011, philanthropic cash flow stands at $122.9 million, an increase of more than 20 percent through the same period in FY 2010.
About 10.6 percent of the University's $1.2 billion in FY 2010 revenue came from private gifts, according to the 2009-10 President's report, compared to 28.3 percent from student tuition and fees and 12.3 percent from state appropriations. These numbers apply only to the academic enterprises for the University and the University's College at Wise and do not reflect contributions or expenditures to and from the University's Medical Center.
"[These gifts] run the full gamut," said Kathryn Jarvis, assistant to the vice president for development. "We receive many, many gifts of less than $100, and also gifts of over $1 million"
Read More
Will Ryan’s resignation impact the University’s reaccreditation?
By Leigh Bailey | 10 hours agoDr. Janea Johnson, public relations and data specialist at SACSCOC, said in a written statement to The Cavalier Daily July 28 that “a change in leadership does not automatically become a compliance concern.”
United Healthcare takes over as student health insurance provider
By Lauren Seeliger | 15 hours agoAll University students are required to be medically insured, but the University student plan is only required for students who do not have other, valid health insurance.
University community leaders gather at the Rotunda to speak about interim President Mahoney
By Xander Tilock | 20 hours agoEach speaker addressed concerns over a lack of input from students, faculty, staff and community members in the circumstances which led to former University President Jim Ryan’s resignation and the decision-making process since then.
