Rutgers University Breaks Fundraising Record

Editor's note: The following information is a press release from Rutgers University.

Rutgers University’s historic fundraising campaign has just set another record: It has now raised more money than any previous campaign in the university’s 246-year history.

The university’s campaign, Our Rutgers, Our Future, has raised more than $626 million in private donations so far, the Rutgers University Foundation announced today. A total of $615 million was raised during the university’s last campaign, conducted from 1998 to 2004.

Based on the ongoing strength of the current campaign, Our Rutgers, Our Future is well on pace to surpass its $1 billion fundraising goal, said Rutgers University Foundation President Carol P. Herring.

“Individuals and institutions continue to support Rutgers University in unprecedented numbers, despite our nation’s sluggish economy,” said Rutgers President Richard L. McCormick. “Thanks to their generosity, a Rutgers education will be more accessible to promising students, more world-class faculty will be able to conduct groundbreaking research that benefits humanity and Rutgers University will be better prepared to serve the entire state of New Jersey.”   

Launched publicly in October 2010, Our Rutgers, Our Future addresses critical needs across all areas of the university – from faculty research and student scholarships to campus construction and civic engagement. Ninety percent of the funds raised in the campaign will be used to support academic initiatives, facilities, student services and community outreach.

 Today’s announcement marks the latest in a series of major campaign milestones. Others include:

· A record year. During the 2010-11 academic year, Rutgers raised $137.4 million – nearly $9 million more than the previous annual record.

· A record number of donors. Nearly 95,000 individual donors have contributed to the Our Rutgers, Our Future campaign. That’s nearly 10,000 more donors than during the last campaign.  

· A record number of new student scholarships. Donors have created 558 new scholarships and fellowships during the current campaign.

· A record gift.  An anonymous donor has given $40 million as part of Our Rutgers, Our Future – the most by an individual in university history – to support the following initiatives:

•  $27 million for a challenge grant that will establish 18 new endowed chairs in a wide range of academic disciplines, including business education and the sciences.
• For every $1.5 million that is raised for an endowed chair that meets the donor’s criteria, the donor will match the gift with an additional $1.5 million. A total endowment of $3 million is needed to create an academic chair.
• $10 million to support construction of a new building on the Livingston Campus in Piscataway for the Rutgers Business School-Newark and New Brunswick.
• $3 million to support the Bennett L. Smith Endowed Chair in Business and Natural Resources.