Brown University Sets $1.3 Billion Fund Goal
Posted on: Friday, 21 October 2005, 15:00 CDT
By Scott MacKay, The Providence Journal, R.I.
Oct. 21--PROVIDENCE -- Brown University officials will announce tomorrow that the school will try to raise at least $1.3 billion by 2010 to bolster its endowment, hire more professors, build new facilities and give more financial aid to students enrolled at the Ivy League campus.
"There's nothing more important than preparing these students well for the future they will have," said university President Ruth Simmons in a statement to the Associated Press. "What we invest in our children will come back to us in exceedingly rich ways."
Simmons, who has been Brown's president for four years, has laid out an ambitious agenda for the university on College Hill, including hiring 100 new professors, increasing faculty salaries, improving the Brown graduate and medical schools, and boosting financial aid to students to create "need-blind" admissions.
Some of these plans, such as hiring faculty, building and buying new buildings and strengthening the biomedical and medical programs, are already under way.
About $660 million will be raised to support the university's endowment of roughly $1.9 billion, said Ron Vanden Dorpel, Brown's senior vice president for university advancement. Brown's endowment is strong by most college standards but meager when compared to other Ivy League schools. Harvard University, for example, has an endowment of more than $23 billion. Brown's endowment is the lowest in the Ivy League.
The fundraising campaign details will be announced at a dinner tomorrow evening on campus that will be attended by members of the university's board of trustees, alumni leaders and major donors. About 700 people are expected to attend the dinner.
Much of the money will come from alumni and parents of Brown students. Brown has 75,000 alumni worldwide and school officials say their research shows that 800 who live in New York City have the means to give $1 million each.
Roughly $200 million will be allocated for new buildings. The university has been expanding beyond its historic campus on College Hill. In recent years, Brown has purchased such Providence landmarks as the Speidel building, formerly the home of the watchband manufacturer, in the city's Jewelry District, and the Old Stone Square office building in downtown Providence. It is also building a major Life Sciences center off Thayer Street near its core College Hill campus.
Other money will be earmarked for improving programs and ensuring that the university admits students without regard for family income, so-called "need blind" admissions.
With reports from the Associated Press
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Source: Providence Journal
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