Georgia Tech Posts Near Record Philanthropy
The Georgia Institute of Technology posted the second best year-to-year philanthropy results in the Institute’s history for the fiscal year ending June 30, 2011. Private gift income to the Institute and its associated foundations totaled $118.1 million, as reported to the Council for Aid to Education (CAE), which measures only gifts received, excluding pledges. Within the total, $5 million was given for unrestricted current operations and $2 million for unrestricted endowment, with the balance for restricted purposes.
“Georgia Tech alumni and friends have a longstanding tradition of generously supporting the Institute. Given the bold and visionary aspirations articulated in our 25-year strategic plan, this support is more crucial now than ever before,” said Georgia Tech President G. P. “Bud” Peterson. “I am very pleased – but certainly not surprised – to see that our community’s robust philanthropic track record grew even stronger last year.”
By use, $49 million was directed for current operations, $32 million for permanent endowment, and $37 million for facilities and equipment. Programmatically, highlights included $44 million designated for the College of Engineering, $13 million for the College of Management and $24 million for intercollegiate athletics. The largest sources of funding came once again from alumni and corporations, each providing $41 million to the total. Once again, alumni participation is anticipated to be among the highest within all public universities nationwide. Current and emeritus trustees of the Georgia Tech Foundation provided nearly $11 million in gifts during the twelve-month period.
In the prior 2010 fiscal year, Georgia Tech and its associated foundations accounted for 43 percent of all gifts made to the 35 public institutions that comprise the University System of Georgia.
According to Tech’s Vice President for Development, Barrett H. Carson, Campaign Georgia Tech continued its progress toward its expanded goal of $1.5 billion, posting progress at $1.019 billion and keeping pace at an average rate of nearly $3 million per week. Two new campus structures were dedicated in late September, each driven in large part by philanthropy – the John and Mary Brock Football Facility and the G. Wayne Clough Undergraduate Learning Commons. John F. Brock, chairman and CEO of Coca-Cola Enterprises and a 1970 Chemical Engineering graduate of Georgia Tech, chairs the $1.5 billion comprehensive campaign, which will conclude in 2015.
“Despite the uncertainty of the financial markets regionally, nationally and internationally, philanthropy to the Institute continues strong across all constituencies. And the Institute’s strategic plan provides the roadmap,” said Carson.
Facilities construction, endowed faculty chairs and professorships, and student scholarships and fellowships remain at the core of philanthropic objectives.
As of June 30, 2011, as reported to CAE, the market value of the consolidated endowments held by the Georgia Institute of Technology and its associated foundations totaled $1.6 billion (unaudited).