Wofford has record development year
Monday, February 07, 2005
SPARTANBURG, S.C. – Financial support for Wofford College from its trustees, alumni and friends soared during the calendar year 2004. Giving exceeded 2003 totals by $6 million, and an all-time high of $21 million in total gifts and pledges was recorded.
According to Marion Peavey, senior vice president for development and college relations, the college received six commitments of $1 million or more each, and saw an increase of 514 donors to its Annual Fund over 2003. “We have nearly 40 percent of our alumni participating in giving to the college, which is excellent,” he says. “It’s wonderful that we have such a committed following in our alumni and friends who are willing to support capital projects as well as academic programs and scholarships.”
In addition to specific gifts for facilities, programs, and endowed chairs, professorships and scholarships, Wofford receives support for its educational and general operating budget through the Annual Fund, which raised a record $2.4 million in 2004, Peavey says.
“The Annual Fund is made up of three funds – unrestricted dollars, gifts to the Terrier Club, and donations to the Friends of the Library,” he says. “Unrestricted gifts are flexible, contributing to operational costs of the college in areas where the dollars are most needed. One-hundred percent of funds raised for the Terrier Club goes to support student scholarships. The college relies on the Friends of the Library to keep the services of the Sandor Teszler Library strong.”
The major funding priority, which has been under way for the past year, is completing the funding of the renovation of the college’s historic, 150-year-old Main Building, affectionately known as “Old Main.” The complete restoration of Old Main will require more than $6.8 million and more than $4.8 million has been raised to date. Old Main is expected to reopen by the spring of 2006. Also, a new 90-student residence hall is under construction, and more than $5 million already has been raised from private donors to cover these costs.
The next major funding-raising initiative for the college has started, with more than $50 million expected to be raised in the next few years for permanently endowed professorships, chairs and scholarships.