Capital campaign goal met for 2008

School may be out for the summer, but the University's $3.5 billion capital campaign won't be slowing down in the coming months.

The capital campaign, which kicked off its public phase of fundraising last October, has already exceeded its set $450 million goal for the year, Penn President Amy Gutmann said.

"I have just been astounded by the breadth and the depth of support that we have received in the first year of the public phase," she said, adding that she "didn't expect to exceed all our expectations," set in different donor categories.

The campaign has raised $481 million in new-gift commitments since the public phase, bringing the total to $1.92 billion, or 55 percent of its $3.5 billion goal.

While the school's fundraising efforts run year round, Vice President for Alumni Relations John Zeller said that after a June 5 fundraising event in London, the school won't hold another event for alumni until September because many donors will be on vacation.

"Beyond [those events], our classes and reunions programs, . as well as our major gifts activities will continue" during the summer months, Zeller said.

Efforts may be affected slightly because staff will take vacations as well, but ultimately the campaign's success during the summer months depends on donors' timelines for giving and what gifts the University is closing, said Carol Wittmeyer, president of the Meliora Group, a nonprofit-fundraising consulting company.

Still, Wittmeyer said the University will always want to make sure it's ahead of its goal, regardless of the season.

"They [know] they have to succeed at this campaign," she said.

And while the entire capital campaign is ahead of schedule, Zeller also noted that the embedded goals - organized around three core priorities of capital projects, student aid and faculty support - have been equally successful.

And while the economy continues to be a source of anxiety for many, there has been no effect so far on Penn's fundraising efforts.

"Dating back to 1966, if you track philanthropy and look at the recessions . philanthropy actually has not diminished as an aggregate across the United States," Zeller said.

"We think this trend is going to sustain itself through this current economic downturn, as well."

Even in times of economic uncertainty, Wittmeyer said, Penn's large pool of alumni "can get very good jobs and [typically] already come from a good financial situation," so the school is better positioned to withstand a tumultuous economy.

Still, Gutmann said alumni and parents' pride in the University and commitment to the campaign's core initiatives have led to the campaign's success so far.

Donors "really resonate to Penn's momentum," she said. "Everybody at Penn is united behind a single compelling vision."

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