Donations to U.S. colleges and universities rose 8.2 percent in fiscal 2011, crossing back over the $30 billion mark for just the second time ever, according to the latest annual fundraising figures out Wednesday. But the very richest universities accounted for nearly half the growth.
Of the $30.3 billion collected by colleges and universities nationwide, $8.2 billion — or 27 percent — was raised by just the top 20 institutions. At those universities, fundraising was 15.3 percent higher than the year before, widening an already yawning wealth gap at the top of higher education.
Stanford University led with $709.4 million collected in fiscal 2011, followed by Harvard ($639.2 million) and Yale ($580.3 million). Rounding out the list were private universities such as Columbia and Johns Hopkins, as well as elite public universities such as UCLA and the Universities of Texas, Wisconsin and North Carolina. Most campuses on the list have major medical schools and affiliated research centers, though No. 4 MIT ($534 million) is an exception.
The top 25 percent of universities account for 86 percent of all private dollars raised for higher education, and the bottom quarter just 1 percent, according to the annual Voluntary Support of Education survey by Council for Aid to Education.
Already wealthy universities can afford more staff to raise funds, and they have a disproportionate share of wealthy alumni. But they're also able to attract the most promising researchers, which helps them win the competition for dollars from philanthropists who want their money to have the best chance of creating new knowledge.
The Top 20 institutions rely heavily on fundraising and endowments. At Stanford, for instance, endowment spending accounts for 20 percent of the university's $4.1 billion operating budget — more than it gets from students (18 percent). The 99 percent schools typically get much more of their revenue from tuition, with endowments more akin to an emergency financial cushion.
Last year's fundraising total nationally remains $1.3 billion below the 2008 peak of $31.6 billion, and while some non-elite schools had good years, many were still struggling. Roughly two-thirds of schools outside the Top 20 saw fundraising rise by less than the 8.2 percent national average.
Alumni giving rose 9.9 percent nationally, and accounted for about 26 percent of the donations colleges receive. Corporate donations rose 6.6 percent. Donations from foundations, which remain the largest source of support at about 29 percent, rose 3.3 percent.
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Online: http://www.cae.org/
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Follow Justin Pope at http://www.twitter.com/JustinPopeAP.
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