The College's seven-year capital campaign reached a landmark $1.1 billion this June, putting the fundraising initiative on track to reach its $1.3 billion goal by December 2009, when the drive is scheduled to end.
Although overall fundraising was up for the year, participation was down, vice president of development Carolyn Pelzel said, explaining that the decrease may have been due to the recent Association of Alumni lawsuit against the College and the state of the U.S. economy.
The College has allocated the majority of the funds from the program, the Campaign for the Dartmouth Experience, towards improving Dartmouth's "academic experience." About $711 million will be invested in the "recruitment and retention of faculty," as well as related facilities and equipment, according to the campaign's web site. The remaining $589 million will be distributed among residential and campus life, financial aid and annual giving. Annual contributions provide 10 percent of the College's yearly budget.
"When an institution like Dartmouth decides to go into a campaign, this is the result of a strategic planning process," Pelzel said. "The president, provost, dean and many others all identified where the institution needed to be strengthened. Once the priorities were set, we took those priorities out to the donor community and they decided where the money goes."
Parents, friends of the College and alumni have all contributed to the funds accrued by the campaign. Money will be apportioned to all Dartmouth-related institutions, including the Tuck School of Business, Thayer School of Engineering and Dartmouth Medical School. The campaign's web site lists over 300 projects which donors can specifically choose to support.
The $168 million raised during the 2008 fiscal year surpassed 2007 donations by $9 million and broke the previous fiscal year record of $160 million, set in 2006, according to a College press release.
"We certainly expect to meet and exceed our goal," Pelzel said. "And we are on track to do that."
The Classes of 1953 and 1978 have both made significant contributions towards specific buildings. The Class of 1953 Commons, which will be located on Maynard Street, will function as a dining hall and social center for the north part of campus. The new building will accommodate up to 390 diners and will include indoor and outdoor facilities, according to materials distributed by the College. The Class of 1978 Life Sciences Center, scheduled to be built on College Street, will house the biological sciences department.
The Class of 1958 celebrated its 50th reunion by donating $3.6 million to the campaign, reflecting a 97.5 percent participation rate. The Class of 1983, which saw 51 percent participation, raised the most money of any reunion class, contributing a total of $4.8 million.
The Dartmouth College Fund, a permanent fundraising initiative that serves to address the College's short-term needs, played a significant part in the capital campaign. The College uses the fund throughout the year to make quick improvements in student life and services. Donors gave $3 million more to the fund than last year, although overall alumni participation was down to 47 percent, from 51 percent in 2007. An average of 10 percent of Dartmouth's annual budget comes from this fundraising program.
The Class of 2008 broke records for participation in the annual Dartmouth College Fund drive with 92.5 percent of the class contributing to a $15,978 donation. Students from the Class of 2012 will receive 15 scholarships supported by the Class of 2008's contributions.
Parents and grandparents contributed $2.3 million this year, down from last year's $2.5 million. The Tuck School of Business collected almost half of the total $41 million given to Dartmouth's three professional schools this year.
