Pitt's Trustees Increase Goal of "Discover a World of Possibilities" Fund-Raising Campaign to $1 Billion After It Exceeds $500 Million Goal More Than a Year Early

June 20, 2002

PITTSBURGH––With the University of Pittsburgh's "Discover a World of Possibilities" six-year fund-raising campaign exceeding its $500-million goal more than a year before its scheduled conclusion, Pitt's Board of Trustees passed a resolution at its June 20 meeting authorizing the University to extend the campaign by an additional four years, to 2007, and increase its goal to $1 billion.

In taking this action, the Board, in its resolution, reaffirmed its 2000 statement of vision, ambition, and direction, which declared: "By aggressively supporting the advancement of Pitt's academic mission, we will clearly establish that this is one of the finest and most productive universities in the world."

The resolution also noted that

• the University "is committed to strengthening its already enviable position as one of America's most respected providers of high quality undergraduate education, to enhancing existing strengths in graduate and professional education, and to increasing the scope, quality and visibility of its exceptional research program";

• the achievement of these goals "will extend and enhance the benefits that the University already provides to its students and to the broader communities it serves and will do so at a pivotal time for its home region and for the Commonwealth";

• "providing Pitt students with the best possible learning opportunities and supporting Pitt faculty and staff members in their important work and expanding Pitt's positive impact within the community will require a significant capital investment"; and

• the additional funds will "be invested in support of the people and programs of the University" and will enable the University "to seize emerging opportunities and meet future challenges in ways that increase its impact and add to its already proud legacy."

In taking this step, the Board advanced Pitt into the ranks of only 14 other American universities currently pursuing campaigns of $1 billion or more: Duke University, Georgetown University, the Johns Hopkins University, the Massachusetts Institute of Technology, Northwestern University, the Pennsylvania State University, Stanford University, the University of Arizona, the University of California at

Los Angeles, the University of California at San Francisco, the University of Minnesota system, the University of Southern California, the University of Texas at Austin, and Washington University in St. Louis. Most of these institutions, like Pitt, are members of the prestigious Association of American Universities.

"Discover a World of Possibilities" has raised in excess of $510 million in gifts and pledges as of June 18, with a number of noteworthy statistics:

• 166 new named endowed scholarship funds ranging from $50,000 to $150,000 each for a total of 594, an increase of 39 percent in the number of such funds within the past five years;

• 29 new named endowed chairs of $1.5 million to $2.5 million each for a total of 71, an increase of 69 percent in chairs within the past five years;

• 13 new named endowed fellowship funds of $250,000 to $1 million each for a total of 67, an increase of 24 percent in the number of such funds within the past five years;

• Nine new named endowed professorships of $750,000 to $1 million each for a total of 44, an increase of 26 percent in named professorships within the past five years; and

• 186 new named miscellaneous faculty and student resource endowments of $10,000 to $500,000 each to support such activities and programs as research projects, research travel, book purchases, and student academic projects for a total of 530 of these endowments, representing an increase of 54 percent in the number of such funds.

Viewing the campaign's total gift commitments in another way––by purpose––$332 million, or 65 percent, has come primarily from corporations and foundations for program support; $127 million, or 25 percent, has come primarily from individuals for academic endowments; and $51 million, or 10 percent, has come primarily from individuals for facilities improvements.

The campaign already has enjoyed broad support from the University's alumni and friends, attracting a total of 233,109 gifts from 80,209 donors. Another significant measurement of the success of any fund-raising campaign is the number of donors who have made commitments of $1 million or more, and here the total of 99 such gifts is particularly telling.

"By any standard of measure, the University of Pittsburgh has been moving through a period of extraordinary progress," says Pitt Chancellor Mark A. Nordenberg. "Each year, we have been reaching new levels of high attainment in education and research, and both our role in our home region and our impact in the broader world have become more significant. Each year, we also have become more aware of the exciting opportunities that await us and of the challenges that must be met if we are to sustain our momentum. The extension of this campaign is critical to our continuing quest to achieve our full potential and to meet the needs of the many groups we serve. Particularly given the successes already achieved, we will be pursuing this new billion dollar goal with confidence and enthusiasm."

"This is a momentous time for the University of Pittsburgh," says William S. Dietrich II, chair of the University's Board of Trustees, in commenting on the Board's resolution. "The institution's successes on many fronts, including the current capital campaign, have greatly increased expectations of us. With a year to go before its planned end, the campaign has raised more than its $500 million goal, a reflection of the donors' confidence in the current administration and its plans for the future. This achievement has led to our decision to increase the goal to

$1 billion and to extend the campaign until 2007."

The extension of the campaign will retain as its foundation the five strategic initiatives adopted by the Board of Trustees in 1996:

• Aggressively pursuing excellence in undergraduate education;

• Maintaining excellence in research;

• Partnering in community development;

• Securing an adequate resource base; and

• Ensuring operational efficiency and effectiveness.

In turn, the objectives of the campaign extension will remain

• To enhance undergraduate programs;

• To strengthen graduate and professional programs;

• To build the University's endowment to competitive levels;

• To invest in educational facilities and technologies;

• To enhance student life opportunities; and

• To support economic development and community initiatives.

In its extended four-year phase, the campaign will continue its drive to create new endowed scholarships and fellowships, which will directly benefit our students, as well as new endowed chairs and professorships, which will support the work of distinguished faculty. In addition, each academic unit has engaged in a process of careful planning to identify forms of programmatic and facilities support that are essential to achieving its ambitions.

According to Chancellor Nordenberg, "A key element of the campaign's next stage also will be reaching beyond our home region to share the good news of the University's progress even more effectively with graduates and friends in more distant locations. Many graduates from outside western Pennsylvania are just beginning to rediscover Pitt, and we want to make certain that they are more regularly included in all of the good things that are happening here today."

###

6/20/02/mgc