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March 7, 2002

Pitt capital campaign has raised $472 million of $500 million goal

As of Jan. 31, Pitt's capital campaign had raised $472 million in gifts and pledges toward its $500 million goal, the University's chief fundraiser said last week.

The campaign, midway through its fifth year, continues through June 30, 2003.

Of the $472 million raised by the end of January, 40 percent was from foundations, 32 percent from individuals, 15 percent from corporations and 13 percent from other organizations, Vice Chancellor for Institutional Advancement Carol A Carter told the University Senate budget policies committee on March 1.

Donations in the "other" category range from American Cancer Society grants to scholarship aid from the United Negro College Fund, Carter said.

Some 64 percent of the $472 million in gift commitments is earmarked for academic and other ongoing programs — a reflection of Pitt's relatively heavy reliance on foundation gifts, Carter said. "Most foundations support programs, and 40 percent of our dollars are coming from foundations," she explained.

Another 26 percent of the $472 million total was for endowments, with the remaining 10 percent for facilities.

The campaign has added 383 endowments supporting scholarships, fellowships, endowed chairs, professorships and other endowments. See chart.

So far, Pitt's campaign has received 1,565 gifts of $10,000 or more. Generally, the number of gifts decreases as the giving level increases — but not always, Carter noted.

For example, Pitt has received more than twice as many gifts of $1 million-$1.4 million (32) as gifts of $750,000-$999,000 (14). "This points out that our donors have stretched to reach that magic $1 million commitment level," Carter said.

Similarly, more donors (248) have given in the $100,000-$249,000 range than the number (245) who have contributed $50,000-$99,000. "We have seen a lot of alumni stretching to make the $100,000 level commitment, so they can fully endow a scholarship rather than partially fund a scholarship," she said.

During the 210 years of Pitt history prior to July 1997, when the current capital campaign began, 16 individuals had made gifts of $1 million or more to the University. Since July 1997, 20 people have given at least $1 million each, Carter reported. The Institutional Advancement office calls these $1 million-or-more contributors "Cathedral of Learning Society Donors."

Regarding the Cathedral itself, Carter denied a rumor that Pitt is seeking capital campaign donations to fund a cleanup of the skyscraper's pollution-stained exterior. "It's probably not a bad idea, but right now we are not soliciting for that," she said.

Last fall, Carter warned Pitt trustees that the University might be facing a 15 percent drop in cash donations for the 2001 calendar year, due to a sluggish economy and donors' reluctance to contribute following Sept. 11's terrorist attacks.

But, in fact, cash donations to Pitt dropped by just 4 percent last year compared with 2000, to $88.7 million, Carter said.

Budget polices committee member Richard Pratt, a physics professor, asked if Institutional Advancement has any thoughts about fundraising projects beyond the current capital campaign.

"We have lots of thoughts," Carter said, with a laugh, "but I'm not at liberty to suggest any of them right now. We know we need to keep raising money [beyond July 2003]. We know that the University's appetite continues to grow because we have new programs, new initiatives."

Pitt faces a possible cut in state funding next year, and the value of the University's endowment fell last year after years of double-digit growth. According to Carter, private giving offers Pitt's best hope for new financial support.

"We have more than 200,000 alumni and many corporate, foundation and individual friends. There is much potential there," she said.

Carter vowed that Pitt would not repeat the mistake it made in 1990, when its last capital campaign concluded.

"Unfortunately, we didn't do much after the last campaign ended, and we took a nosedive" in fund raising, she said. "We don't want to ever let that happen to the University of Pittsburgh again. We need to be campaigning very aggressively for voluntary support every year, whether we're in a capital campaign or not."

— Bruce Steele

Before 7/97 Current % Change

Scholarship Funds 428 583 +36%

Fellowship Funds 54 67 +24%

Professorships 35 44 +26%

Chairs 42 70 +67%

All others 344 522 +52%

TOTAL 903 1,286 +43%


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