Penn offers about 1,700 named scholarships every year as part of its undergraduate financial-aid program, according to Joanne Hanna, director of Development for Undergraduate Financial Aid.
On Tuesday night, donors for named scholarships and named scholars — undergraduate recipients of these scholarships — enjoyed a reception in the Annenberg Center lobby.
But according to administrators, donations to named scholarships are no exception to an overall decline in giving to the University. The trend, however, does not necessarily mean that Penn will fall short of meeting students’ expanding financial need.
Vice President for Development and Alumni Relations John Zeller said gifts for named scholarships have fallen proportionally with the drop in overall giving to the University. He added that the drop in contributions is an example of the delayed effect economic recessions traditionally have on higher education.
He estimated that the University was down approximately 15 percent from its goal of 375 new commitments through October, and down about 10 to 12 percent on cash donations for the same time period. However, he said, these numbers can change very quickly.
“We anticipate a significant uptick [in donations] between now and the end of the year,” Zeller said.
He added that donors seem to understand the importance of financial aid, highlighting that, as a percentage of gifts being made, scholarship donations are “pretty consistent with previous years.”
To donors, financial aid is “seen as a need for Penn, and people are very willing to entertain proposals to support it,” he said.
Hanna agreed, highlighting Alumni Weekend in May as a time when donations typically pick up.
She added that donors’ giving is often erratic in times of economic downturn. For instance, she said, the University received several large, unexpected gifts last October — one of which was a $4-million anonymous donation.
“There are donors that we’ve talked to who are very interested in making gifts, but they’re just unsure of the timing right now,” she said.
Events like Tuesday night’s can encourage giving because of the interaction donors have with students, Hanna said.
“It’s a very personal gift because they get to meet the student that’s receiving their aid,” she added.
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