Fisk University Overall Fundraising up 156 Percent,
Has Exceeded Goal for Andrew W. Mellon Foundation Matching Grant
Successful fund raising drive ends nearly decade of deficits
Nashville, Tennessee – June 25, 2008 – Fisk University announced today that it has successfully raised $4 million, five days prior to its fiscal year end June 30, 2008. The University also announced that total fund raising for the year is expected to surpass $8,300,000; 156 percent more than the amount raised last year. This latest achievement breaks a nine-year cycle of budget deficits.
According to the Council for Aid to Education, the median amount of funds raised by private liberal arts colleges for 2006-2007 was $7.3 million.
A key element of this year’s fund raising has been the broad based and positive response from people nationwide. In all, there were 1,161 new donors this year to the University over last year and alumni exceeded their prior year fund raising by 80 percent. Wachovia Bank donated $100,000 that brought the University to the goal for the matching grant.
“We are well positioned to sustain our fund raising momentum year over year,” said Fisk President Hazel R. O’Leary. “Thirty-four percent of contributions in support of the Mellon Foundation Challenge came from Middle Tennessee and it is clear that with the help of our alumni, the community of faith, government leaders, as well as our corporate and foundation partners we can claim a great victory this year.”
“This phenomenal accomplishment comes at a special time for our University”, said Board Vice Chairman P. Andrew Patterson. “Our alumni, trustees, and friends are engaged. Our board is excited about what the Fisk team has accomplished and we’re ready to pick up the challenge next year.”
In addition to fundraising, Fisk has had several major financial accomplishments:
- Eliminated accounts payable of $4 million in 2004 on June 11, 2008
- Improved financial reporting yielded no material findings by our auditors
- Academic and Administrative Realignment has yielded first year budget savings of 6-7 percent or upwards of $1,000,000
July 1 begins a new fiscal year for the University and will also be the second year of a five-year fund raising plan that has as its goal the launch of the University’s capital campaign in 2012.
According to the National Science Foundation, Fisk produces more African Americans who go on to earn their doctorate degrees in the natural sciences than any school in the nation.