Virginia Tech Campaign Reaches Overall Goal
By Terry McGuire
Spectrum Volume 20 Issue 08 - October 16, 1997
Virginia Tech definitely has its supporters in the private sector. And their support goes far beyond cheering for the university's nationally ranked football team. Financial contributions from alumni and friends have pushed the largest fund-raising campaign in Virginia Tech history over its $250-million goal nine months ahead of schedule. As of September 30, the Campaign for Virginia Tech, which officially began in July 1992 and was publicly launched in September 1995, has received $268.4 million in gifts and commitments.
The campaign's success to-date has been particularly evident in the area of endowment, which comprises one half of the fundraising goal. Donors have earmarked more than $131 million of endowed funds for student scholarships, faculty support, programs, and unrestricted use. The campaign numbers have helped raise the market value of the university's overall endowment to $312 million and the endowment value per student to more than $12,000, both of which are historical highs. Donors have also been exceptionally generous in providing the university with current operating dollars, designating more than $73 million toward this critical area.
"When this effort began more than five years ago, we faced a number of imposing challenges," said Virginia Tech President Paul Torgersen, "not the least of which was a goal that was five times that of the last campaign we conducted in the 1980s. The fact that we have come so far so soon is a real tribute to all those who have supported this campaign, not only with their gifts, but with their time and energy as well."
With nine months still remaining before the campaign ends, the hard work is far from over, however. Between now and June 30, 1998, attention will focus on several unmet goals. "We still have to reach the dollar target we set for funding research, which is one of the campaign's primary objectives," pointed out Charles Steger, Virginia Tech's vice president for Development and University Relations. "In addition, there are several colleges and areas of the university that are short of their individual goals."
Just how much the campaign's bottom line increases in the next nine months depends upon how many more supporters participate. "We want the final total to be as high as possible," Steger said. "So, we will be encouraging all of our alumni and friends to contribute before the campaign books close on June 30."