Blog Summary By Holly Hall Source: Chronicle of Philanthropy
While many small nonprofits are struggling to raise money, colleges say wealthy donors are ready to give again — and ambitious efforts are under way at many institutions to tap their assets.
As The Chronicle of Higher Education notes, fund raisers at this week’s meeting of the Council for Advancement and Support of Education, are confident that they can revive billion-dollar capital campaigns that languished in the recession.
Among the organizations that are seeing gains: The University of California at Davis, for example, has received $7-million in donated stock in the previous year, up from $1.3-million in fiscal 2010. Last fall the university announced its first drive for $1-billion. And Yale University announced last week that it has surpassed its five-year goal to raise $3.5-billion.
Indeed, many institutions have seen a boom in big gifts: My colleague Maria Di Mento reported in May that from January 1 through May 15, The Chronicle has confirmed 225 donations of $1-million or more totaling close to $2.4-billion. That is at least $1-billion more than in 2010.
Three of the biggest gifts in that group, all for $100-million or more, went to colleges.
That is little comfort to nonprofits that are struggling, especially since a report issued last month suggested tough times will continue at least until 2016.