Fundraising campaign doubles goal to $2 billion

With Pitt’s fund-raising campaign already at more than $960 million — just shy of the $1… With Pitt’s fund-raising campaign already at more than $960 million — just shy of the $1 billion goal the Board hoped to reach by the end of 2006 — Pitt’s Board of Trustees passed a resolution doubling its goal to $2 billion at its annual meeting on Friday.

The Board stated in a resolution that, because Pitt has struggled to gain governmental funding for student financial aid, research programs and facilities, it must continue with its fundraising campaign, according to a University press release.

“By again doubling our campaign goal — this time to $2 billion — we are signaling our intention to take full advantage of our existing momentum and to attract the resources we will need to capture Pitt’s potential,” Chancellor Mark A. Nordenberg said.

Pitt officially kicked off its Discover a World of Possibilities campaign in October 2000 with a goal of $500 million. After Pitt realized it would easily reach this goal, the Board of Trustees passed a resolution in 2002 doubling the fundraising goal to $1 billion by June 2006.

As of June 23, 2006, Pitt received more than $960 million in gifts and pledges from 113,361 donors — 59 percent of whom are Pitt alumni.

Nordenberg called it “heartening” that the other 41 percent “believe in Pitt enough to support it.”

Since the beginning of the campaign’s “quiet” phase — a period of fundraising before making an official announcement — the campaign has raised 325 new endowed scholarship funds, 29 new endowed fellowships, 15 new endowed professorships and 51 new endowed chairs, according to a University press release.

The campaign has allowed Pitt to pursue projects in technology, nanoscience and construction.

During Nordenberg’s opening remarks at the Board meeting, he cited Pitt’s excellence and progress, pointing out that its philosophy program ranks in the top five programs in the country and its nanoscale research ranks second in the country.

“[Pitt is] the best place in the country to do medical research and the best place in the country to watch a basketball game,” Nordenberg said.

According to a University press release, Discover a World of Possibilities is the most successful fundraising campaign in the Commonwealth of Pennsylvania, placing it alongside only eight other universities pursuing fundraising campaigns of $2 billion, including John Hopkins University, the University of Chicago and Columbia University, among others.