July 15, 2008 (Nashville) – Fisk University announced final fund raising totals that far exceeded annual goals. The total amount of funds raised, $9,230,414 represents more funds raised in one year than in the last three years combined.
Key metrics that underscore the success of the University’s fund raising efforts include:
- $9,230,414 in total fund raising for ’07-’08 fiscal year
vs. $3,200,000 in ’06-‘07
- 1,249 New Donors
- 34% of all funds raised originated in Tennessee
- $1.5 million in alumni giving represents over 50% increase over last year
- $4 million accounts payable eliminated during the fiscal year
“We asked our friends to support Fisk as we began to turn a very big ship around and they responded marvelously,” said Board Chairman Robert W. Norton. “We’ve taken a brief moment to celebrate, but are now moving this momentum into this fiscal year.”
The University’s fund raising strategy has as its base foundation and corporate support, trustees, alumni and friends. Another key element is small gatherings of potential fund raisers hosted by alumni and friends able to galvanize new supporters of the institution.
“This accomplishment represents a massive effort grounded in the generosity of people who want to see Fisk’s excellent academic outcomes extended,” said President Hazel R. O’Leary. “Over the last two years we put our financial house in order through stringent fiscal management and controls. Coupled with our extraordinary fund raising results, this heralds a newly transformed and sustained Fisk. Because of these results and stringent financial discipline, we have reconnected with several of our community partners and will speak with others in the months ahead.”
That financial discipline is demonstrated by the presence of several key fiscal controls:
- Real-time revenue and expense monitoring
- Cash flow data which indicates when expense accounts need to be reduced to reflect projected revenue shortfalls
- Campus wide purchasing system to prevent budget overruns in all departments
- Accountability assigned to each budget unit to offset over expenditures
According to the National Science Foundation, Fisk University, a liberal arts university, produces more African Americans who go on to earn doctoral degrees in the natural sciences than any school in the nation.