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Capital Campaign Ahead of Schedule With Two Years to Go

University Effort Raised Over $350 Million Last Year Alone, but Fundraising for Some Objectives Lags Behind

By Matthew W. Granade

To celebrate its 350th anniversary, the University--with much pomp and grandeur--raised $350 million. Eleven years later, at the midway point of its $2.1 billion capital campaign, Harvard has raised more that $350 million dollars in a single year.

With two years left in the five-year Capital Campaign, funds and pledges now total $1.54 billion, 74 percent of the University's goal.

"Things are well ahead of schedule," said Thomas M. Reardon, vice president for alumni affairs and development. But he cautioned that the final $600 million will be more difficult.

Campaign officials must now focus on fulfilling the priorities of the campaign--not simply a grand total, said President Neil L. Rudenstine in a recent interview.

"One of our goals now is to raise money for the priorities for which we set out to raise the money," said Susan K. Feagin, director of the University Development Office. "Some are not doing as well."

Before launching the campaign three years ago, each school evaluated its needs and priorities as part of the University-wide academic planning process. Rudenstine has asked the Deans to reevaluate these plans now and to refine them for the final stage of the Campaign, he said.

Professorships, libraries and technology have all proved difficult to raise money for.

The Faculty of Arts and Sciences hopes to endow 40 new professorships, particularly in areas with high student demand, but funds have been raised for only 18 of these positions. The Divinity School has endowed only two of the four professorships it wishes to create.

Overall, the University has raised only 40 percent of its goal for professorships, each of which costs $3.5 million to endow.

The University has also had trouble finding the $78 million it hopes to raise to acquire additional collections for Harvard's libraries, renovate Widener Library and preserve Harvard's aging collection. So far the University has achieved only 27 percent of its goal.

But this has come as no surprise to those versed in fundraising. Libraries are a known sore spot in campaigns, Rudenstine said. When he was provost at Princeton, the libraries "came in last."

One of Harvard's newest fundraising ideas has also proven troublesome--the University Fund. Rudenstine hopes to raise $250 million to fund Harvard's five inter-faculty initiatives; supply seed money for new academic ventures; and provide some non-earmarked, fungible money for use at the President's discretion.

The Campaign has raised only $136 million, 51 percent of this goal.

But Reardon said that now more will be done in this area. The University first wanted to focus on the needs of Harvard's schools.

"We have not focused on [the University Fund] with the clarity we might," Reardon said.

Some of the Campaign successes are already visible on campus, including the renovation of the Union to create the Barker Center for the Humanities and the restoration of the Memorial Hall-Loker Commons complex. Harvard Law School and the School of Public Health have also begun large construction projects.

In addition to facilities, financial aid has also fared well in this campaign. The University has raised 64 percent of its undergraduate and 70 percent of its graduate financial aid goal.

Though Reardon said running a successful campaign is work-intensive, he credits much of its success to the bull market. Since Harvard launched the Campaign in May 1994, the U.S. economy and financial markets have seen a boom.

Feagin also points to a low percentage of deferred gifts as another measure of the Campaign's success. University officials expected about 30 percent of donors to defer their gifts until their death or at least until a later date. To date, only 10 percent of gifts have been deferred.

"It's been a great time to be in fund raising," Reardon said.

Status of Campaign Fundraising

In thousands as of May 31, 1997

72.9%

Faculty of Arts and Sciences Total: $704,232 Goal: $965,000

53.2%

School of Business Administration* Total: $117,076 Goal: $220,000

94.0%

School of Design Total: $28,186 Goal: $30,000

61.0%

Divinity School Total: $27,437 Goal: $45,000

77.5%

School of Education Total: $46,488 Goal: $60,000

91.3%

Kennedy School of Government Total: $114,163 Goal: $125,000

99.9%

Law School** Total: $35,975 Goal: $36,000

94.2%

Medical School Total: $199,735 Goal: $212,000

67.6%

School of Dental Medicine Total: $5,407 Goal: $8,000

102.3%

School of Public Health Total: $127,884 Goal: $125,000

51.5%

University and Other Reporting Units Total: $136,554 Goal: $265,000

73.8%

Campaign Total Total: $1,542,136 Goal: $2,091,000

*The Business School has not counted pledges in its campaign total; all other schools include pledges; **Does not include Law School campaign receipts that predated The University Campaign.

SOURCE: Development Offic

"We have not focused on [the University Fund] with the clarity we might," Reardon said.

Some of the Campaign successes are already visible on campus, including the renovation of the Union to create the Barker Center for the Humanities and the restoration of the Memorial Hall-Loker Commons complex. Harvard Law School and the School of Public Health have also begun large construction projects.

In addition to facilities, financial aid has also fared well in this campaign. The University has raised 64 percent of its undergraduate and 70 percent of its graduate financial aid goal.

Though Reardon said running a successful campaign is work-intensive, he credits much of its success to the bull market. Since Harvard launched the Campaign in May 1994, the U.S. economy and financial markets have seen a boom.

Feagin also points to a low percentage of deferred gifts as another measure of the Campaign's success. University officials expected about 30 percent of donors to defer their gifts until their death or at least until a later date. To date, only 10 percent of gifts have been deferred.

"It's been a great time to be in fund raising," Reardon said.

Status of Campaign Fundraising

In thousands as of May 31, 1997

72.9%

Faculty of Arts and Sciences Total: $704,232 Goal: $965,000

53.2%

School of Business Administration* Total: $117,076 Goal: $220,000

94.0%

School of Design Total: $28,186 Goal: $30,000

61.0%

Divinity School Total: $27,437 Goal: $45,000

77.5%

School of Education Total: $46,488 Goal: $60,000

91.3%

Kennedy School of Government Total: $114,163 Goal: $125,000

99.9%

Law School** Total: $35,975 Goal: $36,000

94.2%

Medical School Total: $199,735 Goal: $212,000

67.6%

School of Dental Medicine Total: $5,407 Goal: $8,000

102.3%

School of Public Health Total: $127,884 Goal: $125,000

51.5%

University and Other Reporting Units Total: $136,554 Goal: $265,000

73.8%

Campaign Total Total: $1,542,136 Goal: $2,091,000

*The Business School has not counted pledges in its campaign total; all other schools include pledges; **Does not include Law School campaign receipts that predated The University Campaign.

SOURCE: Development Offic

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