Tufts President Lawrence Bacow has set the tone for Tufts' capital campaign, a University-wide effort to raise money set to begin in November 2006.
"This campaign will be far more ambitious than anything we have undertaken in the past," he said.
One goal of the campaign is to allow the University to make the move to need-blind admissions. According to an interview with Bacow conducted by the Daily's James Bologna for a forthcoming episode of Tufts University Television (TUTV) news program "On the Hill," Tufts needs $200 million more in the endowment to achieve this goal.
Another goal is to improve faculty salaries and retention. In this way, the University will be able to "attract and keep the best faculty possible," according to senior Dave Baumwoll, trustee representative to the Tufts Community Union (TCU) Senate.
"This is the type of campaign that should change the face of Tufts over the next decade," Baumwoll said.
Although the University is constantly trying to increase its funds, this campaign represents a massive undertaking. Bacow said the Board of Trustees has not yet finalized a fundraising goal, but according to Baumwoll, it is estimated to be over one billion dollars.
The campaign is still in the "quiet phase," in which it is strategically planned and finalized.
According to Secretary of the Trustees Linda Dixon, the University expects to gather nearly 40 percent of the funds it plans to raise before formally announcing its fundraising goal.
"We have to look like a winner right out of the box," Dixon said. "No one should have the slightest hesitation that we make our goal" - and, accordingly, hesitate to donate.
According to Dixon, the University has nearly reached the "quiet phase" goal.
"The 'public phase' of the campaign will commence when university planning is complete and the timing is right," said Vice President of University Advancement Brian Lee.
In addition to supporting need-blind admissions, funds earned by the campaign will be spent on facilities, support for the current budget, and for different University programs. But an emphasis on the endowment will set it apart from previous campaigns.
"A greater proportion of the campaign will be directed to build the endowment," Vice President of University Finance Thomas McGurty said.
As of Jan. 31, the Tufts endowment stands at $1.077 billion. It crossed the billion-dollar mark last November, thanks to the $100 million donation from Pierre and Pam Omidyar.
The University's last campaign, Tufts Tomorrow, raised $609 million. The two major prior campaigns raised $140 million and $250 million, respectively.
An endowment is critical to a university because "it really provides a reliable and dependable source of income," McGurty said.
According to Betsey Jay, Director of University Advancement Communications, an endowment serves as a "perpetual savings account." The interest, not the money itself, is spent. By increasing its endowment, Tufts will be able to sustain an increased operating budget.
According to Lee, results from past campaigns are evident all over campus, and include Dowling Hall, the Gantcher Center [and] eight new endowed professorships in the School of Arts, Sciences and Engineering. Funds for student scholarships have also benefited from these past campaigns.
The 2006 campaign will probably take at least four years to accomplish; however, time is not restricted. The campaign will end when the final financial objective is reached.
The Board of Trustees ultimately makes the decision to embark on a capitol campaign, but "donors contributed 'lead gifts' which set the pace and are creating a campaign momentum," Lee said.
The effects of these and other donor gifts are seen in the construction of Sophia Gordon Hall and the new music building, $15 million of which has been donated by almost 100 donors. The money is also being spent on the Summer Scholars Program and the recently-created funded summer internship program.
According to McGurty, Tufts must also compete in today's collegiate world, where universities are increasingly running capitol campaigns. "[Our peer institutions] run successful campaigns that generate resources for the universities," McGurty said.
In order to successfully engage an ambitious capital campaign, numerous people, including upper-level administrators, prominent alumni and members of the Board of Trustees, will have to travel to connect with the over-85,000 Tufts alumni all over the world.
The campaign is "an invitation to broadly have people participate at any level," Jay said. This includes students, parents, and any other people with connections to the University.
Kat Schmidt contributed reporting to this article.
