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$2.74B for Columbia – Endowment gets $800M

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Columbia University raised $2.74 billion in a 10-year fundraising campaign – more than double the goal set in 1990 and one of the largest and longest fundraising efforts ever by a university, The New York Times reported Dec. 2.

The initial goal was to raise $1.15 billion over five years, but a strong economy and financial markets prompted the university to extend the drive for five years and double the goal.

Of the funds raised, $800 million went into Columbia’s endowment, with $250 million for financial laid, $275 million for new endowed professorships, $275 million to research and other programs and $370 million for new buildings.

The drive also helped Columbia boost its annual fundraising to more than $300 million, which the school says has moved it to fifth place from 11th among universities.

The totals announced by the school do not include pledges of $10 million for graduate fellowships and $12 million for the law school received since Sept. 30.

Harvard University announced last year that it had raised a record $2.6 billion in a campaign lasting five-and-a-half years.

For full story, go to the New York Times.

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