Magazine article University Business

If I Had a Billion Dollars

Magazine article University Business

If I Had a Billion Dollars

Article excerpt

IN RECENT MONTHS A RASH OF INSTITUTIONS ANNOUNCED capital campaigns with multibillion dollar goals. Which makes one wonder, is there that much money in the world? John Lippincott, president of the Council for Advancement and Support of Education, says there is. According to a study by Boston College professor Paul G. Schervish, during the first half of this century baby boomers will probably inherit between $41 trillion and $136 trillion. Since 1980 annual giving to higher education has doubled every year. Lippincott predicts that if that trend continues, "we could see [total giving] close to $100 billion by 2020." And that won't be because of the dozen multibillion-dollar campaigns alone; thousands of smaller campaigns are also being conducted, but overlooked by the media. Lippincott says most IHEs with an established fundraising team are either currently conducting a campaign, finishing one up, or planning a new one.

What happens to all that money? Cornell University plans to use its $4 billion for student aid, recruiting and retaining faculty, and improving infrastructure. Columbia, Stanford and the University of Virginia have similar goals, with K-12 education thrown in for good measure, while Yale is also going to spend some on the arts. …

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