| U.Va.'s $3 billion
makeover
Virginia Business
August 2004
The
University of Virginia’s plan to raise a whopping
$3 billion by 2011 — or more than $1 million a
day — is on track so far. In the first four months
of the year, the university’s development office
raised $150 million, according to school officials.
“We are absolutely determined to be among the
elite in fundraising institutions,” says Robert
D. Sweeney, the school’s senior vice president
for development and public affairs.
The goal itself is a record target among U.S. universities,
but it’s not just about bragging rights. Cuts
in state funding in recent years have hurt the university,
and other publicly funded schools in Virginia. In fact,
U.Va. is one of three schools — along with Virginia
Tech and the College of William and Mary — that’s
backing a restructuring initiative that would change
the university’s status to a charter university.
If approved by the state’s General Assembly, the
change would continue U.Va.’s public ties but
give the school greater autonomy to solve funding shortfalls
with its own resources.
The university has plans for several large-scale building
and expansion projects, including a new basketball arena
already under construction and special events center;
a children’s medical center; a major effort to
refurbish basic classrooms and office facilities; and
moving the McIntire School of Commerce back to the central
lawn area.
“There’s a sense that for the future of
the university, private fundraising will have to play
an important role,” says Charles B. Fitzgerald,
senior associate vice president for development. The
school began the fundraising drive in January and expects
to exceed last year’s total of $260 million. Fitzgerald
says the university has received some gifts and pledges
in the eight-figure range but will need every donation
big or small. “We … can’t get there
without everybody’s support. Every gift will help.”
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