Columbia University this week launched a five-year fundraising campaign to raise $400 million, the highest fund-raising goal ever set by a university in the United States, university officials said this week. The Columbia mark surpassed Harvard's five year campaign goal by $50 million.
"We set the high goal simply because we have a lot of need," H. Michael Neiditch, director of public affairs for Columbia, said this week. "However, we're very confident that we will reach the goal," he added.
Now in its third year. Harvard's campaign has raised almost $225 million toward its $350 million target, which was increased last year from the original $250 goal, David W. Johnson '68, publicity coordinator for the campaign, said this week.
While the financial goals are similar, the two campaigns differ in effect because Harvard's fundraiser is confined to the College. Thomas M. Reardon, director of university development for Harvard, said this week.
"Columbia is planning more of a 'bricks-and-mortar' campaign than we are." Johnson said.
Columbia has allocated $102 million from the campaign for renovation of about 60 percent of its campus and the construction of two new buildings, Neiditch said.
However, both campaigns place heavy emphasis on increased faculty funding. Reardon said.
Harvard has set aside $88 million dollars to support its faculty, and Columbia has allocated $136 million to endow professorships.