Penn State raises $2.2 billion in latest fundraising campaign

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Old Main on the Penn State University Park campus on Wednesday, July 20, 2022.

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Penn State’s latest fundraising campaign set multiple records — and put it in an elite business — by raising more than $2.2 billion over the past six years, as announced Friday at a a board meeting on the York campus.

In total, the land-grant university raised $2,204,949,028 from nearly 700,000 donors as part of a campaign titled “A Greater Penn State for 21st Century Excellence,” which officially ended on June 30. During the last fiscal year, $437 million was also collected. Both are university records.

The total means Penn State has surpassed $1 billion in fundraising for three consecutive campaigns, making it one of 15 institutions nationwide to boast the same. (A campaign from 2007 to 2014 raised $2.19 billion and another from 1996 to 2003 raised $1.37 billion.)

“The strength and spirit of the Penn State community is breathtaking, and the success of this campaign reflects our shared belief in the unlimited potential of the university and our students,” said the President of the University. university, Neeli Bendapudi, who took office in May, in a press release. Release. “The record total of ‘A Greater Penn State’ is also a mandate for me and all university leaders to keep the doors of higher education open to learners of all backgrounds, to create transformative experiences for students and faculty, and to impact the world through research and outreach to communities around the world – the three imperatives of campaigning and of a land-grant institution.

Penn State previously celebrated surpassing his campaign goal of $2.1 billion in April, with former college president Eric Barron. While the record total came as no surprise, it was unclear until Friday what the final total was.

According to a public presentation Friday on the campaign, $986 million of the total has already been received. The remaining amount consists of nearly $600 million in pledge payments, which are expected to be paid through 2027, and about $619 million in bequests and lifetime income donations. About half of the total will be invested in long-term endowment.

According to the university, it is legally obligated to direct funds to areas and purposes designated by donors. Only “unrestricted support,” about 1% of total donations, can be used by Penn State to “meet the most urgent needs of students and the institution.”

Here are some highlights of the campaign:

  • Separate eight-figure giveaways to name Donald P. Bellisario College of Communications (2017) and Ross and Carol Nese College of Nursing (2021).
  • Eight-figure pledge from Gene and Roz Chaiken to increase their support for scholarships to the College of the Liberal Arts.
  • Over $165 million raised for children’s health by Children’s Miracle Network, Four Diamonds and Thon and through donations made directly to Penn State Health Children’s Hospital.
  • $93.3 million in scholarship donations and matching funds for the Open house programsthat help undergraduate students overcome challenges in earning their PSU degrees.
  • More than $25 million in support of Inventing Penn State similar initiative and programs, which have been matched with university funds
  • $25 million commitment from Highmark for research and care at the Penn State Cancer Institute.
  • $15.5 million to create the A. James Clark Scholarship Program at the College of Engineering, created to create a more diverse and inclusive Penn State community.
  • Over $15 million in donations from Dr. Keiko Miwa Ross to name, create and transform spaces across the university, including support for the new Palmer Museum of Art and the Penn State Arboretum.
  • $11 million from donors, matched by more than $13 million in university funds, to endow Educational Equity Scholarships.

“The most remarkable measure of the success of this campaign is not just the final total, which sets a new standard for fundraising at the University, but also the breadth of support across the Penn State community.” , O. Richard Bundy III, vice president for development and alumni relations, said in a written statement. “Even in the depths of the global pandemic, alumni and friends have stepped up to meet the needs of our students and our institution. Surpassing the campaign goal was truly a collective achievement – ​​led by our donors, volunteers, staff and leaders – and it sends a powerful message that whatever challenges Penn Staters face, we will overcome them. together.

More information on the fundraising campaign is available at greaterpennstate.psu.edu and increase.psu.edu.

Josh Moyer received his BA in Journalism from Penn State and his MS from Columbia. He has been involved in news and sports writing for almost 20 years. He boasts the best athlete he’s ever seen as Tecmo Super Bowl’s Bo Jackson.

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