The Dartmouth College Fund, which provides the College with "current use dollars" that can be applied immediately for institutional spending, has had "mixed results" over the past two fiscal quarters, according to Carolyn Pelzel, vice president for development. If the fund's $40 million goal for this year is not met, the College may need to implement further budget cuts on top of the previously announced spending reductions.
"The number of contributors to the College is about on par with last year, which is very encouraging," Pelzel said. "In terms of dollars, at the end of December, we are down in comparison with last year, and that concerns us. We are still analyzing how much of that is timing and how much of that is a true net loss."
The development office is currently evaluating end-of-year donations and would not release updated figures about the fundraising efforts, but Pelzel said the amount is "not comparable to last year," adding that the numbers are down "a significant amount." Pelzel said the fund may see an increase in the final fiscal quarter depending on the economy.
"A high percentage of giving that comes through the Dartmouth College Fund comes in the last quarter of our fiscal year, so what we can't tell right now is whether or not people are just waiting to see what the new year will bring and will ultimately give a gift in May or June," she said.
Pelzel said she has spoken to several potential donors who are committed to giving to the College but are waiting to see how the stock market will behave over the next six months.
The Campaign for the Dartmouth Experience, the College's multi-year capital campaign, reached $1.15 billion as of Dec. 31, 2008, even though fundraising slowed in October, November and December because of the economic downturn, Pelzel said. The campaign, which aims to raise $1.3 billion by the end of 2009, remains slightly ahead of schedule, she said.
"What we've found is that commitments to the campaign were strong and comparable to earlier years in the first quarter of the fiscal year, meaning July through September," Pelzel said. "Then, when the market started to plummet, donors put a lot of their philanthropic plans on hold."
The campaign has been a major priority for College President James Wright.
"I have tremendous confidence in the generosity and support of Dartmouth graduates and friends, and I will keep my fingers crossed," Wright said in a November interview with The Dartmouth. "We will hit the goal whether we can stay right on track and schedule."
Several of Wright's strategic objectives, including building construction and financial aid, depend on funding from the campaign.
"This really isn't about raising money," Pelzel said. "It's about doing things that strengthen Dartmouth as a college and as an educational experience for students."
Raising capital has become a fundamental expectation of College presidents, history professor emeritus Jere Daniell said in an interview.
"In as much as presidents leave a stamp on the institution, my guess is in terms of [Wright], it will be construction closely linked to the student building initiative, and the integrating the non-undergrad parts of the institution -- the medical school, Tuck school and Thayer -- into the institution as a whole," Daniell said. "Those are the things I think will be more predominate in people's discussions about the Wright administration than the capital gift campaign."
Of the $1.3 billion the College hopes to raise, $711 million is earmarked for supporting academic enterprise, which includes increasing faculty retention and improving facilities and equipment. Residential and campus life is expected to receive $185 million, while $166 million will be dedicated to improving financial aid packages and $244 million will be invested, according to the Campaign for the Dartmouth Experience web site.
The College has used the capital campaign to boost its endowment, which decreased by $220 million in the first quarter of 2008, according to vice president of finance and administration Adam Keller. About 35 percent of the College's operating budget comes from the endowment.
Tuck School of Business professor Jonathan Lewellen said the capital campaign's contribution to the endowment is important, but will likely not be enough to offset the losses.
"My guess is that finishing the capital campaign will now take longer than it otherwise would have, so in a sense that's the double hit," Lewellen said. "The capital campaign helps reverse the trend, but it will be harder to finish it so that's the concern."
Pelzel said she remains confident that the capital campaign will reach its target by Dec. 31, 2009 because fundraising remains ahead of schedule and the campaign has traditionally performed well.
"Based on past experience, Dartmouth alumni, parents and other friends want to keep the institution strong and want to keep it competitive," she said. "If they are able and if the economy permits, I think they will do everything possible to make the campaign successful."
Pelzel added that the fundraising effort will "keep going" past 2009 if the College does not meet its campaign deadlines. The College is most concerned with meeting the priorities set forth by the faculty and administration, she said, including raising $150 million for financial aid and increasing funding for professorships.
