UConn Foundation Raises $78 Million in FY 2015, Surpasses Goal
The UConn Foundation raised $78 million during fiscal year 2015, $6 million—or nearly 10 percent—more than its goal. The fundraising total is the second-highest ever for the UConn Foundation, surpassed only by the $81 million raised in FY 2014. When combined, the Foundation’s two-year fundraising performance since Joshua R. Newton arrived as president & CEO is approximately 25 percent higher than any other two-year period in its history.
The Foundation’s Transform Lives scholarship initiative, which publicly launched in January, is helping to fuel the Foundation’s success. The goal is to raise $150 million over five years—effectively doubling the amount available for scholarships and student support. This past fiscal year, an additional 500 donors supported scholarships.
“Thanks to our generous donors, we had a tremendous fundraising year,’’ said Newton. “I’m thrilled that UConn’s momentum and our Transform Lives scholarship initiative are energizing our donors and helping create an even stronger UConn Nation.”
“The Foundation continues to enjoy fundraising success that is unprecedented in its history,’’ said UConn President Susan Herbst. “As I have said many times, there is no bright future for UConn without tremendous growth in philanthropic giving and our endowment.’’
While the independent audit of its FY 2015 numbers won’t be completed until early October, the Foundation is confident reporting a closing total of $77,993,764 in contributions and pledged commitments, including the following:
- $20.6 million in support of capital improvements
- $16.3 million for scholarship and student support
- $26.3 million for program support
- $5.2 million for faculty support
- $9.6 million for research
All told, $58 million was designated for current operations and $20 million earmarked for the endowment, which now stands at nearly $390 million. Within these fundraising totals are some significant gifts worth highlighting. They include:
- $5.0 million for the Morrone Stadium and Rizza Family Soccer Complex
- $3.2 million for programmatic support at the School of Engineering
- $2.4 million for the Werth Family UConn Basketball Champions Center
- $2.0 million for scholarships and student support at the School of Pharmacy
- $1.6 million, also for programmatic support at the School of Engineering
- $1.4 million for the Center for Real Estate in the School of Business
- $1.2 million for the School of Law and UConn’s Global Affairs Program
The Foundation is seeing significant increases in the number of donors in several critical categories, including those who contribute at least $25,000. Comparing FY 2015 with FY 2014, the Foundation saw this set of donors swell by approximately 23 percent. The pledges and commitments from these donors accounted for $66 million of the $78 million raised in FY 2015.
In addition, the total value of donations from several key groups increased year-over-year. Alumni giving rose by $1 million, gifts from parents shot up $500,000, and contributions from private foundations climbed by $2 million.
“Our success with so many key constituent groups serves as strong evidence that donors are confident about the direction UConn is headed and with the integrity and management of the Foundation,” said Coleman B. Levy, Chairman of the Foundation’s Board of Directors. “We’re committed to supporting UConn in its rise in national ranking among the great public universities.”
As required by state statute, an independent accounting firm is conducting a certified audit of the Foundation’s financial and activities. Once completed in October, that report will be sent to state auditors for their review. The audit report, along with the latest IRS 990 form, Foundation annual report, and a list of disbursement categories to the University will be sent to the leaders of the General Assembly’s Higher Education committee and posted on the Foundation’s website.
Current information concerning all of the Foundation’s public disclosure can be accessed on its website.