Apr 23, 2016 07:08 AM EDT
Boston University Reaches $1 Billion Fundraising Milestone [VIDEO]
Boston University has reached a milestone, after reaching their $1 billion fundraising goal a year earlier than planned.
Nearly four years since the launching of its first campaign, President Robert Brown told Boston Globe Website how much he feels 'gratified' in the attainment of their goal.
Brown noted that it is the first time a university, in its early, comprehensive drive, attempted to raise $1 billion "It's beyond our expectations," he stated.
As nation's colleges have stepped up their fund raising efforts, Boston University has reached its turning point. BU's local associate Boston College, with an eight year effort have reached its $1.5 Billion fund-raising goal in January, Boston College's largest campaign in its history.
Boston University's original campaign started in September of 2012 and has projected a five-year life span. Trustees upped the stakes to $1.5 billion and extended the goal to 2019 after BU raised $888 million last fall.
During the campaign, donors are given freedom to choose where their money goes, whether it would be for a specific club, college, or university's endowment. To which, Brown said, 30 percent to 40 percent of the $1.8 billion fund raised last year, went to the endowment.
Brown called the financial aids as "by far our biggest challenge" given that about 5 percent of BU's $220 million in financial aid comes from its endowment. He also hoped that there will be a greater financial aid due to the increase in the endowment funds.
As of today, Boston University's funds have gone to scholarships, established two new schools within the university, endowed and renamed Questrom school of business, led to the construction of Yawkey Center for Student Services and have sponsored 65 professorships.
According to BU today, Brown is expected to announce that they have also hit the mark that Boston University students pledged back in 2012 in performing 1 million hours of community service by 2017.
Brown also stated that 12 percent of the 117,000 donors who contributed to BU's campaign came from countries.
Even with the massive donations BU received, Brown states that they are still looking forward to the university's next goal.
"Instead of this being a finish line, this is a milepost, So we just keep running." Brown said.
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