Although last fall's struggling economy forced many schools into a tailspin, administrators say that Penn has come out relatively unscathed.
Speculations that the aftermath of the Sept. 11 terrorist attacks might impact fundraising at universities nationwide were confirmed earlier this month in a report released by the Association of Fundraising Professionals.
According to the study, educational organizations saw a 37 percent decrease in fundraising efforts last October compared to the previous year's figures.
Penn saw a similar drop in returns from its fundraising campaign in the month of October. However, administrators said this was largely due to the University's decision to postpone sending out fundraising solicitations immediately following the attacks.
"On the annual fund, it dipped immediately after September 11 because we didn't think that it was appropriate to be making phone calls," said Virginia Clark, vice president for development and alumni relations. "But it wasn't like everything stopped."
Clark noted, however, that this initial drop did not significantly impact the University's overall fundraising efforts.
And the University is not currently embarking on a major capital campaign, although it is still seeking donations for several major projects including the construction of the Life Sciences Building and the renovation of Bennett Hall.
As of Dec. 31, the University had raised $164 million for Fiscal Year 2002, which according to Clark is "right on target."
"For Penn, this year we are exactly where we thought we were going to be when we did our economic projections for the year," she said. "Our annual giving across the board at the University is ahead of last year."
However, while the University's overall fundraising efforts have not suffered, Jon Huntsman, a benefactor of the University and a Wharton Campaign for Sustained Leadership tri-chairman, noted a drop in this year's returns. The goal of the campaign is to raise $425 million for the Wharton School.
"We find at Wharton that we're still managing to make progress," Huntsman said. "But while we've exceeded our goals in previous years, we've only just reached it this year."
Clark explained that the slow economy has decreased the magnitude of some of Wharton's financial gifts, although the school's annual giving numbers are up from last year.
Penn administrators were reluctant to say that the terrorist attacks were the primary reason for this recent trend in decreased fundraising at universities throughout the country.
University President Judith Rodin said that she believes decreases in fundraising efforts are more likely to be attributed to the country's recession than the repercussions of Sept. 11.
"A lag would be more caused by a recession than by Sept. 11, so it may be that if the recession deepens or lengthens, we may see a falloff due to that," Rodin said. "But in terms of a falloff due to September 11, we have not seen that."
Clark agreed, saying that it would be difficult to attribute any declines in fundraising solely to the attacks.
"Sept. 11 occurred when the economy was slowing and soft, so to say that any dip is only due to Sept. 11 I don't think is quite an accurate or complete picture," Clark said. "Across the economy, you're seeing people feeling a lot less wealthy, so they may be thinking about what their priorities are in terms of giving."
Huntsman, whose philanthropic involvement also includes chairing the American Red Cross International Division, said that the economic slowdown has impacted other organizations besides educational institutions.
"The economy has greatly reduced fundraising efforts throughout the country," Huntsman said.
But thus far at least, Penn administrators are remaining optimistic about the University's campaigns and have made no indication of changing their fundraising procedures.
"We haven't really changed the messages, and we haven't really changed our practices because we're seeing people responding," Clark said.
The association's report also noted that there was a pronounced drop in responses to direct-mail solicitations for colleges and other educational institutions from the previous year.
