Looking Ahead | University launches $3.5 billion capital campaign

It's $3.5 billion.

On Saturday night, Penn President Amy Gutmann officially announced the goal of the multi-billion dollar campaign that the University began two years ago.

She also revealed that in the past two years - the quiet phase of the campaign - the University already raised $1.6 billion.

This figure amounts to 46 percent of Penn's goal, and University officials say fundraising efforts to date have exceeded their expectations.

"We were looking to be at least at 40 to 43 percent, and to be at 46 percent was a really remarkable achievement," Vice President for Development and Alumni Relations John Zeller said. "It's a real testament to the people who stepped up to show support."

Penn administrators were more than pleased with the weekend.

"The messaging was clear, the case was made and people seem very energized by the whole weekend," Executive Vice President Craig Carnaroli said.

Though the campaign will have its "peaks and valleys," Penn isn't expected to slow down much over the next five years, officials say.

"It's kind of like a marathon - this isn't a sprint, it's a five-year initiative," Zeller said.

"We only pick up momentum," Gutmann added. "Even this weekend, people were making pledges to the campaign."

This marathon, however, won't necessarily end at $3.5 billion.

"My goal is not only to make $3.5 billion but to blow by the goal, which, at the pace we're going, we have a real shot at that," Gutmann said.

After five years of a focused campaign, Penn's goal is to maintain its fundraising at that elevated level, Zeller said.

Officials also explained where the capital campaign fundraising dollars will go.

$1.75 billion will go to the endowment in the following areas:

n Student aid will come in at $700 million, making up 20 percent of the campaign.

n $625 million will be given toward faculty support through programs like endowed professorships

n $400 million is slotted for cross disciplinary institutes and programs such as Fox Leadership and the Center for Community Partnerships.

n To date, the campaign has already added around $270 million to the endowment.

Outside of the endowment, $900 million will be used to finance construction projects around campus like a new college house on Hill Field, the renovation of the ARCH building and the greening of the postal lands.

The remaining $800 million is set for immediate use in a variety of teaching, research and student life programs.

Gutmann will now take the campaign on the road with fundraising trips to cities across the United States and around the world; alumni events are planned in New York, Los Angeles, Chicago, London, Tokyo and Hong Kong, to name a few.

In each of these cities, Gutmann will also meet individually with the most important perspective donors.

Still, smaller gifts aren't being lost in the shuffle.

"The contributions we've gotten to date that range from $1 to $100,000 account for 25 percent of what we've raised," Gutmann said. "That's a huge number - everybody who can afford anything makes a significant contribution to this campaign."

And the University's confidence is palpable.

"We will make this goal, I have no doubt about it," Gutmann said. "This is going to be Penn's century."

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