Downturn Takes Toll on Billion-Dollar Capital Campaigns
March 30, 2009
The universities engaged in the most ambitious fund-raising campaigns have seen collections drop 32 percent over the past year as economic volatility prompts donors to postpone or rethink gifts, according to a Chronicle of Higher Education analysis.
The dozen universities conducting billion-dollar campaigns raised $2.71-billion from February 2008 through January 2009, compared with nearly $4-billion for the previous 12 months. Cornell University suffered the biggest drop, with donations falling 55 percent.
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