U of M recieved a Record Amount of Donations in 2007
According to the Star Tribune the University of Minnesota received more than $251 million in gifts and pledges, more than any point in the school's history.
Gifts for fiscal 2007 were up 39 percent over a year ago, when $181 million was raised. University officials were happy with the generosity, but pointed out that donations are only about 4 percent of the university's annual revenue.
"I believe the increase in philanthropy is an example of people's confidence and high expectations for the University of Minnesota and very specifically the strategic initiatives," Board of Regents chair Dr. Patricia Simmons said.(Star Tribune)
Almost half of the the university's revenue comes from state support and tuition and fees. Collectively accounting for $1.2 billion of the $2.8 billion of revenue the university generates.
A major reason for the increase was due to the estate of James Cargill, which included Dinnaken Housing LLC, a business that owns four student housing properties near the campus along with an office building. The properties are worth more than $27 million.
Several other large gifts supporting capital projects, including the TCF Bank Stadium ($19.6 million), an addition to the Weisman Art Museum ($3.4 million) and the Carlson School's Hanson Hall and undergraduate expansion ($7.5 million) contributed to the increased giving, the university said. (Star Tribune)
"Ninety-eight cents of every dollar are dedicated to a particular purpose, and many of these are deferred, long-term gifts," University President Robert Bruininks said. "It helps give you the margin of excellence, but it doesn't cover your core costs."