Harvard University, one of the most prominent and revered universities in the United States, not to mention the richest academic institution in the country, announced on Saturday its goal to raise $6.5 billion. The funds will be used to bolster Harvard’s scholastic programs as well as its financial aid agenda.
Decades in the making
The launching of the fundraising campaign is considered to be a follow through activity on what Harvard has already set to accomplish. According to a press release done by representatives of Harvard, the university had already gotten $2.8 billion of endowments which came from a total of 90,000 donors in the pre-launch stage of the campaign. Harvard has a very huge investment portfolio which can be compared to a GDP of a small nation. Experts were able to determine that the university’s investments have a value of about $30.7 billion.
However, despite the huge amount of money coming from donations, Harvard’s endowment fund is reportedly still in an unstable state. In 2011, Harvard was able to garner endowments in double digits while the end of the 2012 fiscal year proved fatal when it had a 0.05% reduction.
Fundraising campaign
Harvard University launched its fundraising campaign at an event where Bill Gates was a guest. The Microsoft founder attended Harvard in the 1970s for three years, and then left the university to establish Microsoft Corporation, the software giant, as co-founder. Bill Gates, formerly the richest man in the world is now in second place after Carlo Slim of Mexico. In front of donors and alumni Gates joked about his leaving Harvard to put up Microsoft. Gates declared that in his case, it is more appropriate to say that he took a leave from the university rather than say he dropped out of Harvard. In his talk he said he would have come back to Harvard if the company failed.
The event was held at the Sanders Theatre together with David Rubenstein, co-chairman of the fundraising campaign.
Leaving a legacy
When it comes to campaigns that would benefit not only the university itself but also the students, everyone at Harvard shares the same degree of commitment and support. Vice President for Alumni Affairs and Development Tamara Rogers is among those who share the sentiment. According to her, donations contribute much to programs that are destined to leave something behind with outcomes that will resonate through eternity.
It is only incumbent that in order to take on new programs and activities, raising funds is absolutely necessary. Proceeds coming from the endowments can be used to provide financial help to students. The funds will also go a long way in initiating new programs that would further improve the quality of education in the university.
All of the funds that will be collected are going to be divided into components which will be allocated for a number of different purposes. According to the management of Harvard, almost 50% of the raised funds shall be put to support various research and teaching methods. The university added that 25% shall be allocated for financial aid while the remaining money shall be put into a flexible fund and other improvements.
Photo Credit: Logo of Harvard University
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