Hartford Business Journal

22 HARTFORDBUSINESS.COM | July 4, 2022 High Stakes Massive fundraising campaigns offer CT colleges a key financial lifeline By Robert Storace rstorace@hartfordbusiness.com F undraising — especially in today's competitive higher education market — is the financial lifeblood of any university. Money raised goes toward scholarships, financial aid, faculty, infrastructure, athletics, endowments and even operating expenses, contributing to the overall financial health of a college. Several Connecticut universities are in the middle of, or about to launch, massive fundraising campaigns that aim to raise hundreds of millions of dollars, or more — money that can be used to increase enrollment, erect new facilities and offer greater opportunities for students and faculty. Colleges are also cognizant that there are consequences if fundraising goals fall short of expectations. Trinity College is in the middle of a massive $500 million fundraising effort, its largest ever. UConn is in the planning stages of announcing its next major fundraising initiative having raised more than $600 million from its last campaign a decade ago. The University of St. Joseph recently launched a new fund in honor of Hall of Fame men's basketball coach Jim Calhoun that has already raised $1 million. Last fall, Yale launched a massive $7.5 billion fundraising campaign through 2026, to bolster its endowment, with $3.5 billion already committed. College fundraising is big business and schools over the years have become increasingly reliant on donors as their expenses rise and they face pressure to restrain tuition costs. Giving to U.S. higher education institutions rose 6.9% in the fiscal year that ended June 30, 2021, according to the Council for Advancement & Support of Education, with total fundraising reaching $52.9 billion. "Fundraising for a university is critical," said Donna Brooks, a partner in Hartford law firm Shipman & Goodwin's independent schools, colleges and universities practice group. "Fundraising is one source of cash for universities and is extraordinarily important as tuition alone is not sufficient to cover all of your expenses, to expand and add faculty and for infrastructure." Lots at stake Meeting money-raising targets will usually depend on the generosity of friends, parents, supporters, corporations and – most importantly – alumni, including successful business leaders willing to share their wealth. Getting that support requires a commitment on the part of the institution to maintain relationships with possible donors year-round, college fundraising experts said. Trinity College Vice President for Advancement Michael Casey said his college has raised $253 million as of mid-June, and is on pace to meet its $500 million goal by 2025. Its largest previous campaign was $369 million, which closed in 2009. Casey, who has been in his role since June 2017, said the college undertakes a coordinated effort to keep in touch with friends, supporters and alumni and will, on occasion, get a big boost from generous donors. For instance, recently the Borges family — led by private equity executive and former state Treasurer Francisco Borges, a 1974 Trinity graduate — contributed a $10 million gift earmarked for financial aid needs. In exchange, the school renamed its admissions center in honor of Francisco Borges' parents, Manuel and Maria Luisa Lopes Borges. Additionally, Trinity College board member, alum and investment executive Henry Mallari- D'Auria recently donated $5 million to the school. About 20%, or $100 million, of Trinity's current fundraising campaign will go toward financial aid, Casey said. An additional $100 million will go toward the college's core academic needs, while $80 million will support its annual $137.9 million operating budget, $65 million will go toward athletics, and $10 million will help renovate the college's landmark campus chapel. "We have increased our financial aid programs by more than 50%," Casey said. "These campaigns allow us to open doors wider to students to come here irrespective of finance needs. We can accept an even broader array of students and give them the best possible learning experience and launch them in the best way possible." Trinity has about 10,000 donors who give for different reasons, Casey said. While there are corporate partners and foundations that support the school financially, about 75% of giving is from alumni and parents, he said. "Most give to give back and pay it forward," he said. "These are people who understand and value the mission of the college. Next year, we celebrate the 200th anniversary of the college and in those 200 years, Trinity has produced alums who have received Pulitzer Prizes, and others who have transformed industry and made a huge impact here and across the world." Trinity College has about 2,200 undergraduate Trinity College Vice President for Advancement Michael Casey is leading the liberal arts school's $500 million fundraising campaign. Some of that money will go toward renovations to the college's landmark campus chapel (shown in background). HBJ PHOTO | STEVE LASCHEVER Donna Brooks

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