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Thursday, April 06, 2006


An alumnus who prefers to remain anonymous has given $10 million in unrestricted funds to Colgate University, the school announced today.

The gift is one of the largest in Colgate’s history, and equals the largest unrestricted amount ever provided the university.

About $8.5 million of the commitment will be used to create an endowment fund that will support the ongoing maintenance and operating expenditures of the Ho Science Center, the Case Library, and other major campus facilities.

The remaining $1.5 million will be used to support Colgate’s strategic plan.

An appreciation for Colgate’s “vastly superior” education was a main reason for the gift, said the donor.

“This gift is about more than appreciation though,” the donor explained. “It is about the opportunity to have a transformative impact on Colgate, and to benefit many people beyond the immediate community by supporting the talented people who make this university great.”
“When you find an institution with the rare confluence of management, vision, and leadership that Colgate has, it is clear that one’s investment can result in significant progress in resolving many of the issues confounding our world,” the donor said. “I have great confidence that Colgate graduates appreciate the complexity of these issues and are committed to advancing — individually and through collaboration — understanding and reducing ignorance for our collective benefit.”

Colgate President Rebecca S. Chopp said: “A gift of this magnitude, focused in this way, really has the power to transform Colgate as we implement a strategic plan that puts into place the facilities and programs necessary to support our most precious asset — our people.

"The endowment is our only means of long-term support for our students, faculty, and staff. This wonderful gift continues to solidify our endowment and will go a long way toward ensuring the success of our university in the years to come.”

Endowment gifts that help subsidize the annual costs of operating and maintaining facilities can be difficult to attract, as they support the perpetual nature of a college or university. Such a commitment’s impact is spread over generations rather than immediately providing a new program or building.

Because these types of gifts are so rare, most private colleges and universities struggle to balance the need to construct new facilities and to make certain the institution can afford to maintain and renovate its existing facilities over the long term.