Under New Leadership, Temple University to Launch $100 Million Financial Aid Campaign
In an effort to outweigh the cost of education, Temple University is kicking off an aggressive $100 million fund-raising campaign in the fall that will target financial aid, Philly.com reported.
The university hopes to raise the money over the course of five years, with 50 percent of the funds going into an endowment for financial aid and the rest toward financial aid awards. It’s the largest campaign specifically for financial aid ever undertaken by the university, which has lowered the operating budget by $37 million in the last year alone.
In the article, Patrick O’Connor, chairman of Temple’s board of trustees, explained that despite the reduced budget creating a hole, the university believes they can fill the gap with more philanthropy.
Last week, the university hired a new president, Neil D. Theobald, who plans to make philanthropy his no. 1 mission when he takes over on January 1. Theobald explained that Temple’s high-profile move to the Big East is huge, since it puts the university into a number of markets for fund-raising purposes, recruiting students, and working with businesses.
Temple alum Bill Cosby has been spending time on campus filming several videos, which the university plans to use to urge its 275,000 alumni and others to donate. As reported by Philly.com, about 9 percent of Temple alumni donate annually, however university officials have set a goal of 15 percent in the next 5 years.
After the recession hit a few years ago, more colleges began launching campaigns devoted to financial aid and scholarships, according to Rae Goldsmith, vice president of the Council for Advancement and Support of Education. She added,
“Financial aid as a source of giving is very attractive to donors, because donors can relate to the need, and you can see a pretty quick impact to the power of your gift.” [more]
The university also announced in June that it would not be raising tuition for the upcoming school year, a first since 1995.
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