Fundraising campaign to raise $1 billion by 2007

During the 2005 fiscal year, Pitt raised approximately $120 million.

Now, Pitt has raised a… During the 2005 fiscal year, Pitt raised approximately $120 million.

Now, Pitt has raised a total of $815 million in the hopes of reaching a campaign goal of $1 billion by 2007.

“This campaign is the largest campaign ever undertaken in Western Pennsylvania,” said Al Novak, Pitt’s executive administrator of institutional advancement.

According to Novak, the Discover a World of Possibilities Capital Campaign originally set out to raise $500 million over the course of six years.

After showing a great success, the decision was made in the summer of 2002 to extend the capital campaign to a total of 10 years and an overall goal of $1 billion, Novak said.

“Pitt is getting a great response from the donor community,” Novak said. “Students keep doing great things and faculty keep doing great things. People read about it.”

Pitt fundraising has dramatically increased during the past 10 years. In 1996-97, before the start of the capital campaign, Pitt raised approximately $38 million.

“Our alumni and corporations are really feeling good about where our institution is right now,” Novak said. The alumni, he added, “feel good about their alma mater.”

Novak said that donors typically choose where their money goes, usually giving back to their own schools.

The majority of donors are alumni, season-ticket holders, people who have been treated by a physician in Pitt’s Medical School, people who enjoy listening to lectures and parents of students, Novak added.

Pitt mails a quarterly magazine called A World of Giving to donors, while endowed donors also receive an annual financial report on their endowed fund, Novak said.

Endowed donors must give a minimum of $50,000 to Pitt.

A portion of the interest earned on their endowment is used toward the scholarship, while some of it is put back into the endowment for future use.

“Every dollar really does matter,” Novak said.

Currently, the capital campaign has funded 285 new endowed scholarship funds, 25 new endowed fellowship funds and 62 new endowed faculty positions.

Funds from the capital campaign also support facilities, student-life initiatives and educational and research programs.

Novak said that the University is unsure of exactly what they will do once the $1 billion goal is met.

“We’re thinking about that now. Fundraising never stops,” Novak said.