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U of M celebrates a record year of giving in 2007
MINNEAPOLIS / ST. PAUL ( 10/11/2007 ) -- Donors gave a record amount in gifts and pledges to the University of Minnesota in fiscal year (FY) 2007, its Board of Regents will hear on Friday. The total was $251 million, surpassing even the two highest years of Campaign Minnesota, when gifts reached $234 million in FY 2000 and FY 2003. Gifts this year were up 39 percent from FY 2006, when $181 million was raised. The total includes a gift from the estate of James Cargill of an ownership interest in the Dinnaken Housing LLC, which holds four student housing properties and an office building located near the U. This gift is valued at $27,650,000, making it one of the largest gifts ever to the University of Minnesota. Seventy percent of the U's academic units increased giving in FY 2007 and there were 46 gifts of $1 million or more. Gifts supporting several large capital projects contributed to the growth in giving, including gifts to the TCF Bank Stadium ($19.6 million), the addition to the Weisman Art Museum ($3.4 million) and the Carlson Schoo's Hanson Hall and undergraduate expansion ($7.5 million). Gifts for student scholarships and fellowships totaled $47 million, including $10 million from an anonymous donor for fellowships in the Institute of Technology. "I am very excited about this strong show of support by our donors," said University of Minnesota President Robert Bruininks. "The university has established some aggressive goals, and private giving -- along with strong state support and internal investments -- is essential if we are going to achieve our vision. Private gifts provide supplemental funding that makes it possible to attract talented students with scholarships and fellowships, recruit and retain top faculty, build state-of-the-art facilities for teaching and research and develop outstanding programs that change lives on our campuses and in our communities." The $251 million includes cash gifts and pledges, as well as other future commitments such as bequests and trusts. It includes gifts made to all U of M campuses, colleges and departments, including gifts made through the University of Minnesota Foundation, the Minnesota Medical Foundation and other university foundations. Other significant gifts in FY 2007 were $8.7 million, primarily in artwork, from the estate of artist Charles Biederman; $6 million from entrepreneur Gary Holmes to expand the Carlson School's entrepreneurial program; $5 million from Beverly Grossman to advance Alzheimer's disease research in the Medical School's N. Bud Grossman Center for Memory Research and Care; and $4 million from an anonymous donor to establish a chair in engineering entrepreneurship in the Institute of Technology. "Support for the University of Minnesota comes from a broad range of people and organizations," said Bruininks. "The university is many things to many people and their motivations for providing philanthropic support are just as diverse. Donors include alumni who want to give back to their alma mater, grateful patients who support medical research, patrons of the arts and many others who are touched by the university and care about its future." ---------- |
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