A university fundraising campaign launched in July is making financial aid, endowment, and the Law School and College of Engineering initiatives top priorities.
The seven-year campaign is currently in its leadership phase, or "quiet" phase, meaning it is not public yet.
Campaigns typically remain quiet for three to four years, said Jean Dole, chief campaign officer. During this stage, fundraisers work on getting donations for top fundraising priorities while continuing planning for the campaign, she said. While money from the campaign is not being reported yet, the university raised $101 million in the fiscal year 2006-2007, which began July 1, 2006.
The centerpiece of the campaign is endowed financial aid.
"We want to be able to make (a Marquette education) more viable to more students," Dole said.
Dole said the endowed financial aid would help students of the future.
The majority of funds raised in the campaign are to be directed toward increasing the university's endowment, Dole said. Marquette's endowment is a permanent investment fund. The university spends 5 percent of interest gained from it each year with a 1 to 3 percent leeway, according to Anne Broeker, senior media relations specialist.
"We would like to change the (fundraising) emphasis to the endowment," Dole said.
The endowment amounted to $360 million as of June 30, 2007, Broeker said. This is up $59 million from June 30, 2006, when the endowment stood at $301 million. The endowment earned a 19.2 percent rate of return from 2005 to 2006, Broeker said.
University President the Rev. Robert A. Wild has said he wants the endowment to grow to $1 billion, according to Dole.
Other fundraising priorities include funding for the new Law School and College of Engineering buildings and other initiatives such as endowments and scholarships.
According to Dan DeWeerdt, director of campaign programs and promotion, $64 million has been raised for the Law School facility and $25 million for Law School scholarships. The working goal for the Law School facility is $80 million.
About $60 million has been raised for the College of Engineering facility and endowment priorities, DeWeerdt said.
Dole said $100 million is the working goal for the new College of Engineering facility.
Major gift priorities—smaller scale fundraising targets—include funding for endowed deanships, chairs and professorships, the Faber Center for Ignatian Spirituality, a faculty seminar on Catholic identity and the new soccer facility, DeWeerdt said.
Major gift priorities of endowed deanships have funding levels of either $5 million or $10 million per deanship, according to university documents detailing major gift priorities.
This funding helps cover the dean's salary and may also be allocated toward research, recruitment, travel or other initiatives at the dean's discretion, Dole said.
Endowed chairs have funding needs ranging from $3 million to $6 million per endowed chair, according to the documents.
This funds salary, research, travel and program development, according to Broeker.
"The endowed chair is established to build outstanding expertise within a college/school or department," Broeker said.
The endowed professorship positions that are prioritized need $1.5 million and $3 million of funding per professorship, the documents said.
This funds a two-year professorship term including salary, travel and research.
Broeker said these "endowed faculty positions provide the stability of long-term growing financial resources to recruit and retain the best scholars and teachers."
What is the endowment?
A university's endowment is like a rainy day fund—it is available for long-term needs, according to a Marquette finance
professor.
An endowment is a fund that provides a permanent annual income off the annual interest it earns. According to Anne Broeker, senior media relations specialist, Marquette spends 5 percent of its endowment annually, with a 1 percent to 3 percent leeway.
David Krause, director of Applied Investment Management and adjunct assistant professor, said having the endowment allows a university to improve facilities, offer scholarships and pay faculty competitive salaries.
Marquette's endowment stood at $360 million as of June 30, 2006.
But while Marquette's endowment has continued to grow, it ranks 180th out of 765 national universities, and it still has a long way to catching up with other Jesuit universities like Boston College and Georgetown, according to a National Association of College and University Business Officers 2006 Endowment Study.
Jean Dole, chief campaign manager said the endowment disparity is a key factor separating Marquette from universities such as Boston College and University of Notre Dame.
Dole said University President the Rev. Robert A. Wild wants the endowment to increase to $1 billion.
To achieve this goal, more emphasis is to be placed on the endowment during fundraising.
Broeker said 27 percent of funds raised in the Magis fundraising campaign that ended in 2005 were allocated toward the endowment.