Penn State Raises Record $362.9M in Fiscal 2017-18
UNIVERSITY PARK, Pa. – Penn State University raised a record $362.9 million during the 2017-18 fiscal year, the university has announced.
Part of the five-year “A Greater Penn State for 21st Century Excellence” campaign, the figure beat out the previous single-year fundraising record by $9.7 million. Since the campaign began on June 30, 2016, it has brought in $713 million, 44% of the $1.6 billion goal.
“The campaign is tied to key priorities of the university’s strategic plan, which envisions Penn State as a global leader in areas ranging from energy, food and water security, to human health,” said Penn State President Eric Barron. “With the partnership of our alumni and friends, we are committed to fulfilling our mission as a land-grant university and affirming our role as a truly outstanding public institution.”
A record was also set for receipts, as Penn State collected more than $322.7 million in the fiscal year.
As part of the Greater Penn State campaign, the university offered to match donations for specific initiatives, including a 2:1 match for the Open Door scholarship program that created 317 new scholarships with a $50.9 million endowment.
The university is also offering a $1 million match to innovation hubs – Penn State’s program to offer accelerator programs, legal and intellectual property advice and grants to startups – whose operating endowments reach $1 million
In total, more than 221,700 people donated to the university in the 2017-18 fiscal year. Among the largest gifts were an $8.3 million pledge from campaign chairman Rick Sokolov and his wife, Susan, a $46.8 million gift from Schlumberger to support the Colleges of Engineering and Earth and Mineral Sciences, a $25 million grant from Highmark to secure a National Cancer Institute designation and a $5.5 million pledge from the Bill and Melinda Gates Foundation to support global health research efforts.
For more information on the fundraising campaign, visit GreaterPennState.PSU.edu.
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