The private liberal arts college in Los Angeles wanted to raise $800 million over their recently completed eight year fundraising campaign, but overshot their target and raised $1 billion. The Los Angeles Times story goes on to say “nearly 1.1 billion”. What’s an extra $80-$90 million when you’re talking billions. Just round down to lessen the chances of Congressional oversight.
How did they do it?
“More than 12,000 donors contributed to the campaign, representing about two-thirds of the college alumni. The median gift was $220, with 90% of all donations less than $5,000. But 89 supporters contributed more than $1 million. . . .”
There does not appear to be any plan to increase enrollment. So the haul equates to approximately $770,000 for every one of their 1,300 students.
There are two certain ripple effects. . . pun intended. Michelle Chamberlain, Claremont McKenna’s Vice President of Advancement and Student Opportunities, will receive several job offers and will see significant salary increases if she opts to stay. And the new aquatic center is going to be lit.