Georgia Tech Posts Near Record Philanthropy
Posted November 6, 2012 | Atlanta, GA
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, 2012. Private gift income to the Institute and its associated foundations totaled $118.4 million, as reported to the Council for Aid to Education (CAE), which measures only gifts received, excluding pledges.
“The power of partnership is a theme that permeates all of Georgia Tech, and Campaign Georgia Tech is a sterling example,” said Georgia Tech President G. P. “Bud” Peterson. The outstanding support that we have and continue to receive from our Georgia Tech alumni and our other partners is helping us realize the goals outlined in our 25-year Strategic Plan, and to achieve a level of excellence that would otherwise not be possible.”
Within the total, $5 million was given for unrestricted current operations and $1 million for unrestricted endowment, with the balance for restricted purposes. By use, $56 million was directed for current operations, $27 million for permanent endowment, and $35 million for facilities and equipment. Programmatically, highlights included $42 million designated for the College of Engineering, $15 million for the newly-named Scheller College of Business and $19 million for intercollegiate athletics. The largest sources of funding came once again from alumni and corporations, providing $46 million and $45 million respectively 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 $13 million in gifts during the twelve-month period. The highlight of the year was the announcement of the extraordinary commitment by Ernest Scheller, Jr., a 1952 alumnus, for which the College of Business was named.
Campaign Georgia Tech continued its progress toward its expanded goal of $1.5 billion, crossed the $1 billion mark, and keeping pace at an average rate of nearly $3 million per week. John F. Brock, chairman and CEO of Coca-Cola Enterprises and a 1970 Chemical Engineering graduate of Georgia Tech and Mary R. Brock, co-owner of the Atlanta Dream, co-chair the $1.5 billion comprehensive campaign, which will conclude in 2015.
According to Tech’s Vice President for Development, Barrett H. Carson, “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.” Looking forward, Carson added, “Facilities construction, endowed faculty chairs and professorships, and endowed undergraduate scholarships and graduate fellowships remain at the core of philanthropic objectives.”
While the Institute will be celebrating the opening of the new facilities this fiscal year – the McCamish Pavilion, the Byers Tennis Complex, and the Carbon Neutral Energy Solutions Building – the university will be breaking ground on the most expensive building ever constructed on the Georgia Tech campus – the $113 million Engineered Biosystems Building – for which fundraising is actively underway to complement State funding. The facility will allow Tech to expand its world class activities in the biotechnology arena and will provide an economic boost to the State by fueling Georgia’s growing biotechnology industry.
As of June 30, 2012, the market value of the consolidated endowments held by the Georgia Institute of Technology and its associated foundations remained stable at $1.6 billion (unaudited).