$1.3 Billion "Campaign Minnesota" Launched to Keep U of M Competitive

"Campaign Minnesota," an unprecedented fund-raising effort, will be launched at the University of Minnesota Thursday, October 21. The $1.3 billion campaign is among the largest ever for an American public university. The university is half way toward this goal, with $628 million raised since counting began on July 1, 1996.

The massive fund-raising campaign, which will be completed in 2003, is described by President Mark Yudof as "a defining moment" for the university as it strives to remain nationally competitive for top faculty and students, and to meet the needs of a burgeoning Minnesota economy.

"Economic success and growth during the next century--in Minnesota, as well as nationally--will be dependent upon developing the talent, creativity and knowledge of our people," said Yudof in summarizing the need for the campaign. "We are witnessing exciting breakthroughs in fields such as cellular biology, plant genetics, medicine, and digital technology. As we begin the new millennium, the University of Minnesota has an unprecedented opportunity to become one of the world's premier land-grant institutions."

Campaign Minnesota aims to raise private funds to add $540 million to the university's endowment and an additional $760 million for current program support for more than 25 schools and campuses within the university system. This includes $160 million for the Institute of Technology, $75 million for the College of Liberal Arts, and $100 million for the Carlson School of Management. In addition, the goal for the Twin Cities and Duluth medical schools and the School of Public Health is $400 million. Endowment goals

Major priorities for the endowment portion of Campaign Minnesota are to increase the university's capacity to:

Attract and retain the nation's best faculty through endowed chairs and other faculty support
Attract high-ability students with more merit-based scholarships and graduate fellowships.
Provide unrestricted funding for strategic investments.
The university is in a highly competitive market for faculty and undergraduate, graduate and professional students. Minnesota ranks near the bottom of 30 comparable research universities in faculty salaries, and expects half its faculty to retire in the next ten years. Competition for top students is intense, with many other universities now offering more, and larger, merit-based scholarships, and with rising tuition costs for graduate and professional programs.

"The business of the university has always been knowledge but, in the 21st century, the business of business will be knowledge. The future of the State of Minnesota and the University of Minnesota are deeply intertwined," explains Yudof. "Brainpower is the state's most critical resource."

Goals for ongoing program support

The goal for current program support, $760 million, is earmarked to advance priorities in research and outreach. This includes $350 million in private donations for cutting-edge research in emerging fields such as molecular and cellular biology, medicine, agricultural research, new media and digital technology, to facilitate the transfer of ideas from the lab to the marketplace, and to strengthen the university's core liberal arts education. Of the remainder, $345 million will support service and outreach programs including those focused on lifelong learning, children, youth and families, and $65 million will support the libraries and selected facilities.

To celebrate and build support for the campaign among university top donors, a black-tie gala will be held at Northrop Auditorium on Oct. 22. Special guests will include three U of M alums: actor Peter Graves, public radio personality Garrison Keillor and vice president Walter Mondale. The internationally renowned composer and university alum Libby Larsen has written a new piece entitled "So, Can Fly," premiering at the gala event.

Campaign Minnesota is lead by a 15-member volunteer committee chaired by Russell Bennett, principal partner with the Twin Cities law firm Gray, Plant, Mooty, Mooty and Bennett.

"We must seize the once-in-a-lifetime opportunities now before us or lose ground that might never be made up," said Yudof stressing the timeliness and critical nature of Campaign Minnesota.

Back to News About Giving to the U