Dive Brief:
- U.S. colleges and universities received $37.5 billion in charitable gifts in 2014, the highest amount ever and 10.8% higher than 2013.
- The reason behind the giving increase is “a huge explosion of wealth,” not income, a fund-raising consultant told the Chronicle of Higher Education.
- Five higher education institutions received single gifts worth at least $100 million, including Colby College, with $102.6 million in art, and the University of Texas at Austin, with an art collection valued at $216.6 million.
Dive Insight:
Most of the schools at the top of the 2014 fundraising list are in the middle of big campaigns. Harvard University, No. 1 on the list at $1.2 billion, launched its $6.5 billion fund-raising campaign in 2013.
The 10.8% increase in overall higher ed giving is the largest since 2000. While the percentage of alumni who give declined to 8.3%, the amount given by alumni increased 9.4%. The figures come from the annual "Voluntary Support of Education" survey by the Council for Aid to Education, which is considered the most comprehensive available. Northwestern University got a jump on the 2015 tally this week with a gift of more than $100 million from Roberta "Bertie" Buffett Elliott, Warren Buffet's sister.