Giving To Penn State Reaches All-Time High

July 14, 2000
University Park, Pa. — Philanthropic giving to Penn State reached an all-time high of $170.8 million for the year ending June 30 and helped the University’s seven-year Grand Destiny capital campaign make good progress, according to a report presented to the Board of Trustees today (July 14) by Board Vice Chair Edward R. Hintz, who also serves as volunteer chair of the campaign.

The total represents a 13 percent increase over 1998-99, when giving reached $151.1 million. This year’s fund-raising total is more than double what was raised in 1995-96, the year prior to the start of the Grand Destiny campaign, when $83.2 million in gifts was received. Giving to Penn State has now increased nine years in a row.

About 71,000 Penn State alumni were among the 118,000 individuals, corporations, foundations and other organizations who made gifts.

"These gifts are already at work to strengthen the quality of Penn State’s educational programs and help the University make a difference in the lives of the citizens of Pennsylvania and beyond," Hintz said.

He also noted that the $170.8 million includes about $57 million designated by donors for endowments that support scholarships, professorships, research funds and other academic programs. The University invests endowed funds in perpetuity and uses part of the income to support the programs designated by the donor. Other gifts support annually funded programs ranging from library acquisitions to student recreation, but again, as intended by the donor.

The Grand Destiny campaign counts not only outright gifts but also pledges that will be paid over the next few years. As of June 30, the campaign had secured $807 million in gifts and pledges toward its billion-dollar goal, thus achieving 81 percent of its goal in 57 percent of its time frame. The campaign began on July 1, 1996, and is scheduled to end on June 30, 2003.

Penn State President Graham Spanier noted that the campaign has already had a tangible impact on students and faculty. "Thanks to campaign gifts, we have been able to endow more than 700 undergraduate scholarships, establish about 40 faculty chairs and professorships and provide $40 million for graduate student support," he said. "These are the kinds of enhancements that are not available to us through other sources of funds, but that we must have if Penn State is to meet the ever-growing demands placed upon it."

Hintz, a 1959 Penn State graduate who is president of the New York investment firm of Hintz, Holman, & Hecksher, attributed the growth in philanthropy to several factors. "All of these numbers reflect the hard work of our campaign volunteers and the University’s professional fund-raising staff," he said. "We are also fortunate to have benefited from a robust economy. But most importantly, these numbers are the result of the willingness of Penn State alumni and friends to get involved with their university and share their resources. We are deeply grateful for their generous support."

Hintz noted that Penn State faculty and staff contributions to the campaign have surpassed $20 million with nearly 43 percent participation. Members of the Board of Trustees have given or pledged $66.3 million since July 1, 1996.

The campaign gives highest priority to support for undergraduate and graduate students, faculty, and academic programs. Donors have given or pledged $506 million for these purposes. Bricks and mortar projects and ongoing support make up most of the remaining campaign targets.