The West Virginia University Foundation received $42.1 million in gifts for fiscal year 2003. The Building Greatness Campaign, which ends Dec. 31, has generated $275.2 million to date, having topped its $250 million goal in March.
Considering the state of the nations economy, we are elated with this years fund raising efforts,said F. Duke Perry, president and CEO of the WVU Foundation.We are thankful for the many dedicated and loyal alumni and friends who place such great value in the mission and purpose of West Virginia University and recognize the importance of higher education. Our success could not have come at a better time. WVU and public universities nationwide are experiencing financial hardships as demands on state budgets far exceed their revenues.
The Foundations endowment stands at $303.7 million and is permanently invested. A portion of the annual return generated by investments is disbursed to the University and its affiliated organizations and can only be spent for the purposes designated by the donors. These funds are meant to supplement not supplant funding from traditional sources such as state appropriations, tuition and fees, noted Perry.
WVU is grateful for the Building Greatness Campaign and those who so strongly believe in our mission to this state and nation,said WVU President David C. Hardesty Jr.During these tough financial times where WVU is facing large budget cuts from the state, the WVU Foundation’s efforts become more important than ever in helping us think through how to maintain the quality citizens expect of us.
The Foundations disbursements support a multitude of purposes including scholarships, fellowships, academic program development, chairs, professorships, lectureships, faculty development, research, equipment, facilities and libraries.
FY 2003 saw alumni contribute $10.2 million in cash and gifts-in-kind; friends of WVU , $12.8 million; corporations and foundations, $16.3 million; and other organizations, $2.8 million.
Of the Campaigns $275.2 million, which includes WVU s regional campuses, 15.2 percent has been designated for student support, 9.2 percent for faculty enhancement, 37.5 percent for academic research and initiatives, 1.6 percent for library enrichment, 10.4 percent for campus development and technology, and 17.8 percent for 21st Century opportunities, while 8.3 percent of the funds are yet to be designated by donors. Alumni have made 24.8 percent of the total commitments, friends of WVU , 35 percent; corporations and foundations, 32.4 percent; and other organizations; 7.8 percent.
The WVU Foundation is a private non-profit corporation that manages assets of $598 million and generates support for West Virginia University and its affiliated organizations.