Philanthropy to UConn Provides $600M for Connecticut
UConn generates $11.80 for every state-funded dollar, according to a report prepared by an independent analyst and released this week by the University.
Using the same formula, that means that the $50.9 million made available to UConn in fiscal year 2014 from private gifts and commitments through the UConn Foundation generated more than $600 million for the state’s economy, the UConn Foundation announced this week.
“Donors take tremendous pride in the transformation underway at UConn,” says Joshua R. Newton, the foundation’s president and chief executive officer. “They have demonstrated their support by increasing their philanthropic support for the University.” In recent years, UConn’s alumni and friends have steadily increased their new gifts and commitments to the University, from $42.6 million in 2009 to $81.1 million in 2014.
Philanthropic support in fiscal 2014 to UConn increased by 27.4 percent over the preceding year, the highest level of private new gifts and commitments to the University in the 50-year history of the UConn Foundation.
In fiscal year 2014, new contributions and commitments from donors were:
- $21.6 million for student support
- $7.2 million for research
- $4.6 million for faculty
- $43.9 for programs support
- $3.8 million for capital improvements
“We are particularly proud of donors’ support for students, which enhances their academic experience and ensures UConn continues to attract talented students,” says Newton.
The $3.4 billion annual economic value of UConn to the state was calculated by the national research and consulting firm Tripp Umbach, and it was released by the University Wednesday. The independent firm used data from university sources to measure UConn’s economic activity, both through money spent by the institution itself and the re-spending of funds within the local economy by businesses and households. UConn’s impact includes more than 24,000 jobs, over $202 million in tax revenue, and roughly $373 million from research, according to the Tripp Umbach report.
“As UConn embarks on new initiatives like Next Gen Connecticut, we want to continue to align our fundraising efforts with university priorities, leveraging the significant investment made in UConn by the state and its citizens and helping the university continue to achieve its objectives,” says Newton.
For more information on UConn’s economic impact on Connecticut’s economy, visit the Economic Impact website. A recording of the economic report briefing can be found on the Connecticut Network.