Cornell U. completes fundraiser

After five years of asking alumni, faculty and community members to reach a little deeper into their pockets, Cornell University has successfully completed a $1.507 billion fund-raising campaign. That total is the largest amount raised by any higher education institution ever. Cornell reached its original goal of $1.25 billion in June, but the university decided to continue the campaign through to its designated end, according to Cornell spokesperson Jacquie Powers. "We could have stopped, but we felt that there were more individual goals for various university needs," she said. The campaign was launched by former Cornell President Frank Rhodes in 1990. Of the total contributions, Cornell has already received 78 percent of the money in cash. The campaign received approximately $85.3 million in the last month alone, according to Powers. "These generous gifts will aid us in creating our future, which encompasses the full realization of Cornell's intellectual community and its commitment to public service," Cornell President Hunter Rawlings said in a statement. Twenty-seven percent of the campaign gifts went to increasing Cornell's endowment to $1.75 billion -- currently, one of the 10 largest in the country. Cornell initiated the campaign in an attempt to help the university cover federal and state budget cuts in funding for higher education. Four of Cornell's colleges are primarily supported by New York State, and therefore need more university funds. Powell said the fund-raising drive can contribute much of that support. "This is just the shoring of the dam," Powers added. Cornell officials kicked off the campaign with several major areas of concern, including financial aid, faculty positions, facilities upgrades and library support. Almost $205 million will be used to supplement student financial aid funds -- $77.8 million of which will benefit Cornell's 1,400 scholarships. More than 2,300 volunteers, mostly alumni, aided in Cornell's fund-raising efforts. "This army of volunteers helped beat the drums for the campaign which can be seen in the response we had," Powers said. Ninety-six thousand individuals donated gifts to Cornell that totaled $1.06 billion. Penn completed a similar fund-raising campaign in 1994 that garnered $1.36 billion for the University, including a $120 million gift from Walter Annenberg that endowed the Annenberg School for Communication. Prior to completion of Cornell's efforts, Penn held the record for higher education fund raising. "There was a little competitiveness," Powers said. Harvard and Columbia universities are both currently in the midst of campaigns, reaching for the $2 billion mark. Cornell has no immediate plans for any future fund-raising campaigns, Powers said.