Penn State’s latest fundraising campaign raises $2.2B over 6 years. What you should know
Penn State’s latest fundraising campaign set several records — and placed it within elite company — by raising more than $2.2 billion over the last six years, as announced Friday during a board of trustees 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 June 30. Over this past fiscal year, $437 million was also raised. Both are university records.
The total means Penn State has surpassed $1 billion in fundraising for three straight campaigns, making it one of just 15 institutions nationwide to boast the same. (A campaign from 2007-2014 raised $2.19 billion, and another from 1996-2003 raised $1.37 billion.)
“The strength and spirit of the Penn State community are breathtaking, and the success of this campaign reflects our shared belief in the limitless potential of the university and our students,” university President Neeli Bendapudi, who took over in May, said in a news release. “The record-breaking total of ‘A Greater Penn State’ is also a mandate to me and all university leaders to keep the doors of higher education open to learners from every background, create transformative experiences for students and faculty, and impact the world through research and outreach to communities around the globe — the three imperatives of both the campaign and a land-grant institution.”
Penn State previously celebrated surpassing its $2.1 billion campaign goal in April, with former university President Eric Barron. Although the record-breaking total was not a surprise, it was not known 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 set to be paid through 2027, and about $619 million in bequests and life-income gifts. About half of the total will be invested in the long-term endowment.
Per the university, it is legally obligated to direct funds to the areas and purposes designated by the donors. Only “unrestricted support,” about 1% of total giving, can be used by Penn State to “meet the most urgent needs of students and the institution.”
Some highlights from the campaign include:
- Separate eight-figure gifts to name the Donald P. Bellisario College of Communications (2017) and the Ross and Carol Nese College of Nursing (2021).
- Eight-figure commitment from Gene and Roz Chaiken to grow their scholarship support in the College of the Liberal Arts.
- More than $165 million raised for children’s health by Children’s Miracle Network, Four Diamonds and Thon and through gifts made directly to Penn State Health Children’s Hospital.
- $93.3 million in scholarship gifts and matching funds for the Open Doors programs, which help undergraduates overcome challenges to obtain their PSU degrees.
- More than $25 million in support for the Invent Penn State initiative and similar programs, which were matched with university funds
- $25 million commitment from Highmark for research and care at Penn State Cancer Institute.
- $15.5 million to create the A. James Clark Scholarships program in the College of Engineering, established to create a more diverse and inclusive Penn State community.
- More than $15 million in gifts 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 Arboretum at Penn State.
- $11 million from donors, matched by more than $13 million in university funds, to endow Educational Equity Scholarships.
“The most remarkable measure of this campaign’s success is not only 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 stepped up to meet the needs of our students and our institution. Surpassing the campaign’s goal has truly been a collective achievement — driven by our donors, volunteers, staff and leadership — and it sends a powerful message that no matter what challenges Penn Staters face, we will overcome them together.”
More information on the fundraising campaign can be found at greaterpennstate.psu.edu and raise.psu.edu.
