Exactly one year after the public-phase launch of its capital campaign, Penn is still "Making History."
With $2.172 billion raised so far - 62 percent of the $3.5 billion goal - the campaign has broken all fundraising records and exceeded the goal set for the first, public-phase year of the campaign. And, despite a tumultuous economy, all indicators show that it will continue to do so.
Around $1.6 billion were raised during the two-year "quiet" phase, in which the University sought money from major donors but did not officially release a total goal or message for the campaign.
And Penn officials say they don't anticipate a slow down during the remainder of the public phase.
This fiscal year, Penn set a goal of $450 million, and Vice President for Development and Alumni Relations John Zeller says the University is "above the pace" to achieve that goal.
"I do think we've built momentum over the course of the quiet phase and now the first year of the public phase of the campaign in such a way that we can maintain it," Penn President Amy Gutmann said.
Zeller credits the campaign's focused message as the reason why donors have responded so receptively.
The campaign stresses the importance of using the money to attract faculty, increase scholarships and aid, improve building and renovations and increase academic programs and research.
"We've been pretty clear that if you provide support for our core priorities, this is the impact it will have for Penn and for the future," he said.
And though the economic forecast remains unclear, Zeller, Gutmann and fundraising consultants all believe the campaign can continue to attract and sustain donors.
In tumultuous economic times, "we find . that momentum stays fairly steady," said Richard Jolly, vice president of Client Services at Marts & Lundy, a fundraising-consulting firm.
"Assuming that communications and other aspects of the campaign are remaining focused and strategic . the momentum and enthusiasm is pretty steady and on an upward trend."
Zeller added that, over the last 40 years, giving has remained constant or gone up in dollar amounts, even in times of official recessions.
"Until we get a better handle of how long and deep this is going to be, it will be hard to predict what this year is going to look like," he said.
Neal Myerberg, a principal at Myerberg Shain & Associates, said nonprofits like Penn will "have to be much more creative" when talking with prospective donors.
Alternatives like planned-giving programs, which include charitable trusts and annuities, could become more popular options for donors, he said, though he added that he anticipates fewer organizations beginning capital campaigns until after the economy stabilizes.
At Penn - which has raised $88 million toward the campaign since June - "we just really need to keep doing what we've been doing, effectively, which is more engagement of our alumni and continuing to articulate the case for our strategic priorities," Gutmann said.
Over the last fiscal year, Penn raised $607.5 million in new-gift commitments, $475.9 million in cash receipts, $205.1 million in endowment receipts and $27.2 million for the Penn Fund, which solicits donations from alumni.
