On the way to its $2 billion goal, the Campaign for Duke passed a major milestone last week as it exceeded its original target of $1.5 billion two and a half years before deadline and just six months after raising the goal.
With an official total of $1,504,180,704 raised as of Monday, the University--despite the economic downturn--shows little sign of slowing down in its effort to ensure financial backing for current and planned initiatives.
"Achieving this benchmark is the result of the hard work and dedication of many volunteers and staff members in development offices across the University," President Nan Keohane wrote in an e-mail. "It also says much about the love and support that alumni, parents and friends around the world feel for Duke, and their faith in our future."
The campaign reached the milestone despite continuing concerns that the slowing national economy and slouching stock market would deter donations. In fact, the money was raised several weeks ahead of the University's projection from a year ago, which predicted passing the mark sometime in July, said Peter Vaughn, director of communications and donor relations for the Office of University Development.
"We're certainly aware that the economy isn't racing along as it did during much of the campaign," Vaughn said. "We have noticed a slight decrease in security gifts."
Security gifts, such as donations of stocks or bonds, are about 9 percent below what they were last year, but still 2 percent above the level during the same period in 1999, he added.
Even with the fall in security gifts, the campaign, in total, continues to receive about $5 million each week, Vaughn said. If it keeps near that level, the effort should be completed about six months before its target date of December 2003, he added.
Alumni giving in general has not been the strength of the campaign so far, which has relied more on gifts from the business sector. "Duke's alumni body is younger than most of our peers', so it's not that they're less generous, but that they've had less time to accumulate resources and get used to giving to Duke," he said.
Although the money raised will affect all areas of the University, including traditional areas of teaching and research, it will also allow for many of the initiatives set forth in the new long-range academic plan, Building on Excellence. "There's a number of schools that are doing really well," Vaughn said. "Certainly the Pratt School of Engineering and the Divinity School have shattered their original goals."
He also cited efforts by the Fuqua School of Business, the library and the Athletics Department as leading the fundraising. But he added that finishing the final leg of the campaign will not be easy. "It's a limited celebration," Vaughn said. "This is a milestone, and it's an important one, but we still have a $2 billion goal to reach."
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