Penn State’s latest fundraiser raises $2.2 billion over 6 years. What you should know – Center Daily Times | Region & Cash

title=

Old Main on the Penn State University Park campus on Wednesday July 20, 2022.

adrey@centredaily.com

Penn State’s latest fundraising campaign set several records — and placed them within an elite corporation — by raising more than $2.2 billion over the past six years, as reported Friday during a board of trustees meeting at the York campus was announced.

In all, the Land Grant University raised $2,204,949,028 from nearly 700,000 donors in a campaign called “A Greater Penn State for 21st Century Excellence,” which officially ended June 30. In the past fiscal year, $437 million was also raised. Both are university certificates.

The total means Penn State has raised more than $1 billion in donations for three consecutive campaigns, making it one of only 15 institutions nationwide to boast of it. (A campaign from 2007 to 2014 raised $2.19 billion, and another from 1996 to 2003 raised $1.37 billion.)

“The strength and spirit of the Penn State community is breathtaking, and the success of this campaign reflects our shared belief in the limitless potential of the university and our students,” said university president Neeli Bendapudi, who took office in May, in a statement Publication. “The record-breaking total of ‘A Greater Penn State’ is also a mission for me and all university leaders to keep the doors of higher education open to learners from diverse backgrounds, create transformative experiences for students and faculty, and impact the world through research and Outreach to communities around the world – the three imperatives of both the campaign and a land grant institution.”

Penn State earlier in April celebrated surpassing its $2.1 billion campaign goal with former university president Eric Barron. While the record-breaking total came as no surprise, it was not known as of Friday what the final total was.

According to a public presentation of the campaign on Friday, $986 million of the total has already been raised. The remaining balance consists of nearly $600 million in lien payments to be paid through 2027 and approximately $619 million in legacies and lifetime income gifts. About half of the total amount is invested in the long-term foundation.

The university is legally obliged to allocate the funds to the areas and purposes specified by the sponsors. Only “unrestricted support,” about 1% of total donations, can be used by Penn State to “meet the most pressing needs of the students and the institution.”

Some highlights of the campaign are:

  • Separate eight-digit gifts naming Donald P. Bellisario College of Communications (2017) and Ross and Carol Nese College of Nursing (2021).
  • Eight figure commitment from Gene and Roz Chaiken to expand their fellowship support at the College of the Liberal Arts.
  • More than $165 million raised by Children’s Miracle Network, Four Diamonds and Thon and through donations directly to Penn State Health Children’s Hospital for children’s health.
  • $93.3 million in scholarship gifts and matching funds for the Open Doors programs that help students meet the challenges to earn their PSU degrees.
  • More than $25 million in support of the Invent Penn State initiative and similar programs complemented with university funds
  • Highmark pledged $25 million for research and supplies at Penn State Cancer Institute.
  • $15.5 million to create the A. James Clark Scholarship program at the College of Engineering, established to create a more diverse and inclusive community in Penn State.
  • More than $15 million in donations from Dr. Keiko Miwa Ross for naming, creating and redesigning spaces across the university, including support for the new Palmer Museum of Art and Arboretum in Penn State.
  • $11 million from donors, complemented by more than $13 million in university funding to endow educational equity scholarships.

“The most notable measure of this campaign’s success is not only the total, which sets a new standard for fundraising at the university, but also the breadth of support throughout the Penn State community,” O. Richard Bundy III, vice president of development and alumni relations, according to a written statement. “Even in the depths of the global pandemic, alumni and friends have stood up for the needs of our students and our institution. Exceeding the campaign goal was truly a collective effort – driven by our donors, volunteers, employees and leaders – and it sends a strong message that no matter what challenges Penn Staters faces, we will overcome it together.”

Visit majorpennstate.psu.edu and raise.psu.edu for more information about the fundraiser.

Josh Moyer earned his BA in journalism from Penn State and his MS from Columbia. He has been involved in sports and as a news writer for almost 20 years. He is considered the best athlete he has ever seen as Bo Jackson of the Tecmo Super Bowl.

Leave a Comment