Recent reports from the University indicate the Capital Campaign is progressing more quickly than expected and will soon reach the halfway point to its goal. As of July 31, the University has raised $1.362 billion -- nearly half of its $3 billion goal -- with $103 million expected in future support,
The campaign, which began in 2004 and saw its public launch last October, intends to reach its goal of $3 billion by Dec. 31, 2011 through a variety of private sources.
"We're very satisfied with the campaign's progress," said Bob Sweeney, senior vice president for development and public affairs. "We are ahead of schedule."
When announced in 2004, the Capital Campaign was the largest of its kind ever attempted by any university, public or private. Nearly four years later, it remains one of the largest campaigns in the history of higher education, Sweeney said.
The University's campaign goals are smaller than those of some Ivy League competitors. Stanford aims to reach $4.3 billion; Cornell has a $4 billion goal; and Yale matches the University's campaign with $3 billion aspirations.
Sweeney referred to the University as a "newer player" compared to Ivy League institutions in terms of fundraising.
"Our fundraising program is much less mature than Yale or Stanford," Sweeney said. "The fact that we're raising money at the same rate says a lot about our alumni, the leadership of the University and [University President John T.] Casteen."
University spokesperson Carol Wood said the campaign is several steps ahead of its goal..
"Bob Sweeney doesn't like to oversell," Wood said. "But he feels like we're in a good place."
Members of the Board of Visitors also said they are pleased with the campaign's progress.
"I think we have performed extraordinarily well," Board Rector W. Heywood Fralin said. "Our friends and supporters have been most generous with the University."
The funding raised through the campaign "cuts across every area of the University," supporting a number of different programs, Sweeney said. These programs include to date the University Health System and the athletic department as well as the Education, Law and Nursing schools, according to Sweeney.
"The $3 billion target includes very carefully selected priorities in every school in the University and in every program," Wood echoed.
Wood added that funding for infrastructure, buildings, classroom space, academic programs and faculty salaries are other integral aspects of the campaign.
Current funding for measures such as these come from various sources including the state. Only about 8.5 percent of the University's budget, however, is provided for by the Commonwealth, while 14.5 percent comes from endowment and gift income, Sweeney explained.
Though it receives a relatively low percentage of its funding from the state and is reliant largely upon these private donations, the University has no plans of becoming a private institution.
"Jefferson envisioned a great public university of great global scope and character," Wood said. "In order to fulfill his long term vision for the University, we knew we needed to mount this very bold and ambitious campaign to raise $3 billion."
Fralin agreed that Jefferson's high standard is still being upheld at the University.
"I don't think that Thomas Jefferson's original goals have been changed at all," he said. "We have always been a public institution and we are very proud of that"
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