UI fund-raising campaign has raised more than $1 billion
They're halfway there.
The University of Illinois has raised more than $1 billion toward its goal of $2.25 billion for the Brilliant Futures campaign, the university's largest fundraising campaign so far.
UI Foundation directors and major donors convene on campus this weekend to review fundraising activity for the year and learn about various programs on campus.
Not to mention take in a football game.
The "quiet phase" of Brilliant Futures began in July 2003, and the campaign was officially launched this summer. It is scheduled to wrap up by the end of 2011.
Of the $1.165 billion raised so far, about $774 million were outright gifts and over $391 million were in deferred gift arrangements.
The Urbana-Champaign campus has received about $834 million of its $1.5 billion goal. The largest campaign donation, announced June 1, was a $100 million gift from Tom and Stacey Siebel for science and engineering initiatives on campus.
The Foundation announced about a dozen other major gifts on Friday at its annual business meeting. Local residents Shahid and Ann Carlson Khan from the Khan Foundation gave $2.5 million to create five Shahid and Ann Carlson Khan professorships in the Center on Health, Aging and Disability in the College of Applied Health Sciences. Shahid Khan is president of Flex-N-Gate Corp., an Urbana-based auto-parts manufacturer with facilities in the United States, Mexico and Canada.
Charles and Barbara Hundley of Champaign and Naperville donated $2 million for a professorship in the Spurlock Museum, scholarships for football team members, for the Illinois Promise need-based scholarship program and the James Newton Matthews Scholars Program.
Gifts to the UI and UI Foundation for the year that ended June 30 totaled $190.5 million, an increase of 3 percent from last year, according to Walter Knorr, the UI's chief financial officer and UI Foundation treasurer.
"The university has continued to make strong advances in teaching, research, public service and economic development. Many of these advances are financed, in part, by the generosity of the private gifts that alumni, friends, corporations, foundations and associations entrust to Foundation stewardship," Knorr told the Foundation members.
Of the money given to the university last year, about 44 percent came from alumni and other individuals, 27 percent was from corporations, 19 percent was from foundations and 10 percent was from associations. Gifts from alumni and friends increased by 9 percent, or $18.8 million, from last year.
Other good news: The endowment is growing.
About $54.3 million was invested in endowed funds – money held in investment accounts. Earnings from those accounts support everything from financial aid to faculty programs.
As of June 30, the university's total endowment was nearly $2.2 billion – 23 percent more than the previous year.
"Total market returns, combined with new-gift development, have produced a total endowment today that is nearly two-and-one-half times what it was 10 years ago, rising from $892 million to $2.197 billion. That translates to total endowment growth of 9 percent annually over the past decade," Knorr said.