‘Aspire’ campaign tops $991 million in donations

Despite the economic recession, the University remains optimistic that it will meet its fundraising target on time, Vice President for Development Brian McDonald ’83 said in an e-mail to The Daily Princetonian.

“[The bad economy] has certainly slowed down the number of conversations we are having about current gifts, particularly at the highest levels,” he explained. “Still, participation is very close to what it was last year.”

During the “quiet phase” of the campaign which began in June 2005, the University raised $610 million. Since the campaign’s public launch in November 2007, roughly $381 million have been raised.

“We had an exceptionally strong first year and with more than three years to go, I am still very optimistic that we will achieve our goal … by June 30, 2012,” McDonald said.

Almost one year after the campaign’s public launch, the University raised $315 million. In the five-and-a-half months since then, the University has raised only $66.2 million, but the fundraising target will not be changed in light of the economic downturn, McDonald said.

“The goal will remain at $1.75 billion,” he said, explaining that “over the summer, we will look very closely at the specific needs within that total to assess our progress and ensure that the additional $760 million we still hope to raise are for the University’s very highest priorities.”

The University is confident in the future success of the campaign, McDonald added.

“The economy remains a significant concern, but I am hopeful that while the environment for fundraising may remain challenging for the next six to 12 months, it will become more favorable during the second half of the campaign,” he explained.

McDonald also noted that the alumni he has been in contact with seem hopeful that they will be able to contribute to the campaign more in the coming months if the economic situation has improved by then.

“Donors who are not able to make large gifts or pledges now are affirming their commitment to Princeton and to the ‘Aspire’ campaign priorities and asking us to talk again in six months or a year,” he explained.

In March 2008, Director of Development for Campaign and Individual Giving Michele Minter told the ‘Prince’ that ‘Aspire’ officials hoped to collect 10 gifts of more than $50 million, 20 gifts at the $10 million to $50 million level, 30 gifts at the $5 million to $10 million level and around 60 gifts at the $1 million to $5 million level. Overall, she said, the University expects to receive roughly 500,000 gifts, 3,000 of which will be worth more than $50,000.

The two largest gifts to the campaign to date total $201 million. On Jan. 21, 2006, the University announced that Peter Lewis ’55 would donate $101 million to support the Lewis Center for the Arts. On July 1, 2008, the University announced a $100 million donation from Gerhard Andlinger ’52 to fund the Andlinger Center for Energy and the Environment.

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In April 2008, Dennis Keller ’63 donated $25 million to the Center for Innovation in Engineering Education, representing the third-largest public gift to the ‘Aspire’ campaign.

No staff cutbacks

The university currently has no plans to follow the example of some institutions — including Oklahoma State University, the University of Connecticut and the University of Washington — which have announced that they will lay off some members of their fundraising staffs because of drops in their revenue and investment income.

“It is too early to say whether any reductions in staff will be required,” he said. “Working with my senior leadership team, I will do all that I can to maximize our service to the University with fewer resources and to minimize the impact on our staff.”

Still, McDonald said the development office will “make any needed reductions” as administrators work to reduce the 2010 fiscal year budget by $88 million and the next year’s budget by another $82 million.

Other schools are being forced to take action more immediately. In March, Cornell announced that it would reorganize its department of development and alumni affairs and lay off several employees, The Chronicle of Higher Education reported last week.

Some universities, however, are continuing to expand their development staff despite the economic crisis.

UCLA, has increased its development staff by 11 percent this year, hiring 14 new employees, bringing their staff to 140 development officers and 130 support-staff members, according to the Chronicle.

In the face of a projected 30 percent drop in the value of its endowment by July 1, 2009, the University will continue to reaffirm the importance of its fundraising efforts, McDonald said.

“The past twelve months have made it extremely clear how important it is to sustain the strength of our Annual Giving program, as well as to undergird funding for the University’s core priorities of providing generous financial aid for undergraduate and graduate students, and crucial support for faculty teaching and research,” he explained.