Carnegie Mellon Announces Public Phase of Comprehensive
$1 Billion Campaign Targeted to Endowment, Future Growth
PITTSBURGH—For more than a century, Carnegie Mellon University has been addressing the world's urgent needs through education and research. This past weekend, with more than $550 million raised, the university announced the public phase of a $1 billion campaign that focuses on the comprehensive needs of the university.
"This campaign will shape the university's future. Carnegie Mellon is one of the most imaginative and innovation-intensive universities in the world; a university that measures its excellence through its impact. This campaign has already enabled more innovation at Carnegie Mellon, and it will inspire more in the future," said Jared L. Cohon, president of Carnegie Mellon.
Cohon noted that the initial phase of the campaign started in a time of near economic recession; yet the university has been able to raise more than half of its goal. "We know the current economic crisis does not change the world's needs for innovative solutions to urgent problems. If anything, we feel these needs more deeply than ever. Campaigns are for the long term and our campaign is about ensuring that we will be successful for centuries to come," he said.
Raymond J. Lane, general partner of Kleiner Perkins Caufield & Byers, and a member of Carnegie Mellon's Board of Trustees, is chair of the campaign. He and his wife, Stephanie, recently endowed the Ray and Stephanie Lane Center for Computational Biology with a $5 million gift.
"I am honored to serve as chair of this historic campaign. Philanthropy is about making decisions today that will ensure a better outcome in the future. Investors recognize this, especially amid economic uncertainty. In times like this, investors make strategic decisions about what the future will bring by investing in the most promising ideas and innovation. Carnegie Mellon certainly delivers those big ideas," Lane said.
Home to 16 Nobel laureates, Carnegie Mellon is focusing its campaign on four areas: student support through scholarships, fellowships, and student life initiatives; retaining and enhancing world class faculty; unrestricted support to fuel innovations; and upgrades of campus facilities and new buildings. The $550 million raised during the quiet phase of the campaign supports 132 endowed scholarships, 38 endowed fellowships and 17 endowed chairs for faculty.
The campaign also has non-financial goals. It is aimed toward growing and sustaining a vibrant university community that includes alumni, parents and friends, as well as students, faculty and staff. During this campaign and beyond, the university plans to enhance its partnership with, and recognition of, its 75,000-plus alumni through enhanced communications, engagement activities, events and volunteer opportunities.
Carnegie Mellon has already received more gifts than in any of its previous campaigns. Since the campaign started in 2003, the university has been the recipient of some landmark gifts, including its single largest personal donation, a $55 million gift in 2004 from alumnus David Tepper and his wife, Marlene, to the graduate business school now named in his honor.
Also in 2004, the Bill and Melinda Gates Foundation gave the university $20 million to start construction of the Gates Center for Computer Science, part of its new computer science complex. A gift of $10 million from the Henry L. Hillman Foundation provided funding for the Hillman Center for Future-Generation Technologies, a second building in the complex.
Adding to its record of historic gifts, Carnegie Mellon announced in 2007 that it had received its largest private foundation gift ever, $25 million from the Richard King Mellon Foundation for life sciences initiatives. Last year, The Heinz Endowments announced that it would give Carnegie Mellon $22 million for several initiatives in public policy and the sciences.
One of the campaign's first gifts has also been one of its most successful. Trustee Jerry Holleran and his wife, Carolyn, established a scholarship matching gift challenge with their grant. More than 50 donors responded to the challenge, and more than 50 students benefited from the scholarship program.