March 22, 2005

U of M scholarship drive at $62 million to date

MINNEAPOLIS / ST. PAUL (3/22/2005) -- The University of Minnesota's Promise of Tomorrow scholarship drive has raised $62 million for scholarships and fellowships through February, bringing the total to 41 percent of its goal of $150 million. Reaching this goal will make it possible to help 50 percent more students with privately funded scholarships.

"Scholarships remain my top fund-raising priority," said university President Robert Bruininks. "In line with our strategic planning efforts, the scholarship drive will help us maintain our commitment to access and affordability for students who want to succeed at the U; we will continue to keep the doors of opportunity open to students from all walks of life."

The University of Minnesota Foundation is hosting a luncheon at noon tomorrow (Wednesday, March 23) in the Great Hall at Coffman Union for scholarship donors and the current recipients of the scholarships they have funded. The event celebrates the privately funded scholarships that help students in multiple university programs, compared with scholarships designated for one particular department or college. These universitywide scholarships support more than 1,000 students a year.

The university has created special match opportunities that have encouraged giving to scholarships and fellowships. The President's Scholarship Match doubles the payout on new endowed scholarships. Many donors have been motivated by this matching opportunity to make new scholarship gifts, and so far, 171 new scholarship gifts have been approved for the match. These gifts brought in $21 million, which will generate a payout of more than $1 million every year.

The scholarship drive now under way includes $9 million in gifts for fellowship support. New endowed fellowships are eligible for matching through the 21st Century Graduate Fellowship Endowment, which was created in April 2000.

"The scholarship drive and the President's Scholarship Match have helped make the past two years some of our strongest for scholarship giving," said Gerald Fischer, president and CEO of the University of Minnesota Foundation, which raises and manages gifts for the university. "We are grateful to the alumni and friends who understand the need for scholarships and the difference their gifts can make in the lives of students. Even smaller gifts make a difference, especially when people come together to make a combined endowment gift that qualifies for the matching program, and there have been many of those."

Another element of the university's commitment to maintaining affordability for all students is the Founders Opportunity Scholarship, which Bruininks announced in February. This scholarship will complement other financial aid programs to help close the gap in expenses for the neediest students whose costs are not met through other grants and scholarships.

Fundraising for Promise of Tomorrow began July 1, 2003. For more information on the scholarship drive, visit www.giving.umn.edu.

Back to News About Giving to the U