CMC Mounts Historic Campaign
Fundraising goal will set liberal arts college record
Michael Wilner
Last Updated: 5/1/08 Section: News
(3/11/08) -- On March 16, 2008, Claremont McKenna College will announce an unprecedented fundraising campaign, setting a record goal of $600 million - the largest campaign ever undertaken by a liberal arts college. "The Campaign for Claremont McKenna" will include the $200 million gift made by Robert A. Day, which was announced in September, and a $75 million gift pledged by Henry Kravis, who will have the West Campus Center named in his honor.
The goal tops previous records made by Williams College, Wellesley College, and Middlebury College. Williams announced a five-year, $400 million campaign in 2003, reaching its goal in 2007 seventeen months early. Wellesley closed their campaign in 2005 18.2% above their goal, have raised $472 million. And in 2007, Middlebury announced its own five-year plan to raise $500 million.
Claremont McKenna started accumulating for the campaign in January 2006 and has raised $425 million so far - roughly 70% of its stated goal. The current pace of the campaign raises hopes in the administration that the goal may be raised before the campaign ends in December 2012.
Roughly half of the $600 million will go into the endowment. Still, a projected endowment total by the end of the campaign is impossible to project due to current and future market growth.
"The priority is to make CMC the best possible college it can be," says William Lowery, Vice President for Development and External Relations. "Eventually, we will have that billion dollar endowment, but that's not the goal."
Roughly $100 million of the campaign will be devoted to new facilities - the Kravis Center, Ducey Gym renovation, the Biszantz Family Tennis Center, and the purchase of land east of Claremont Boulevard.
Students will also notice a major increase in faculty. In addition to professorships in finance and economics for the Day School, the Roberts Challenge will devote a total of $60 million to the Roberts Faculty Leadership Initiative and the chairs it produces, thanks to the generosity of George R. Roberts.
The goal tops previous records made by Williams College, Wellesley College, and Middlebury College. Williams announced a five-year, $400 million campaign in 2003, reaching its goal in 2007 seventeen months early. Wellesley closed their campaign in 2005 18.2% above their goal, have raised $472 million. And in 2007, Middlebury announced its own five-year plan to raise $500 million.
Claremont McKenna started accumulating for the campaign in January 2006 and has raised $425 million so far - roughly 70% of its stated goal. The current pace of the campaign raises hopes in the administration that the goal may be raised before the campaign ends in December 2012.
Roughly half of the $600 million will go into the endowment. Still, a projected endowment total by the end of the campaign is impossible to project due to current and future market growth.
"The priority is to make CMC the best possible college it can be," says William Lowery, Vice President for Development and External Relations. "Eventually, we will have that billion dollar endowment, but that's not the goal."
Roughly $100 million of the campaign will be devoted to new facilities - the Kravis Center, Ducey Gym renovation, the Biszantz Family Tennis Center, and the purchase of land east of Claremont Boulevard.
Students will also notice a major increase in faculty. In addition to professorships in finance and economics for the Day School, the Roberts Challenge will devote a total of $60 million to the Roberts Faculty Leadership Initiative and the chairs it produces, thanks to the generosity of George R. Roberts.
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