Yet, the five-year public phase of the Amherst College Comprehensive Campaign “Lives of Consequence” will officially begin this Family Weekend as the College tries to meet its fundraising goal of $425 million. After two years in the quiet phase, $200-215 million has already been raised towards the goal.
In a letter sent out to Amherst parents, alumni and friends on Friday announcing the campaign, College President Tony Marx stressed that as the economy declines, it is more important than ever to support the College.
“I write as our nation and our world face unprecedented social and economic challenges,” he wrote. “This is a time of urgent needs, one that reminds us what a liberal arts college of Amherst’s caliber must provide: citizens who can and will work to improve society, thoughtfully, in whatever endeavor they choose. Nothing could be more important now.”
According to Morey, in light of the economic downturn, discussions have been held by members of the Board of Trustees about the timing of the launch, but they decided to maintain the long-planned Family Weekend date.
“With all of the uncertainty and volatility in recent weeks, we’ve thought about what that portends for how we approach the campaign,” said Chairman of the Board of Trustees Jide Zeitlin ’85. Yet that the long-planned campaign would happen, said Zeitlin, was never in question.
The largest sum of the money raised from the campaign will go towards financial aid, with other significant portions allotted to the renovations of Frost Library, Merrill Science Center, and the “social dorms.” In addition, a portion will go towards hiring 18 new junior tenure-track faculty members.
“Of course I am worried about launching the campaign in this deteriorating economy,” said Campaign Co-Chair Brian Conway ’80, who is a member of the Board of Trustees. “However, it depends on your perspective. If you look at the campaign from the point of view of donors, you think it is ill advised to proceed. If you think about the priorities of the College, the parents and students paying tuition bills, if you think about the recent decline in the College’s endowment and how dependent Amherst’s programs are on the endowment, if you think about the fragile state of the country and the world, you realize the need for financial aid, the need for places like Amherst, and the need for educated leaders is greater than ever.”
“I am clearly mindful of where the economy is, but at the same time I’m even more mindful of the College’s needs,” added Zeitlin, who is also one of three co-chairs of the campaign. He said that as financial aid requests inevitably increase because of the economic downturn, and the College’s endowment returns go down, it is ever important to raise funds.
“I have spoken in recent days and weeks with a significant number of both actual donors and prospective donors… [and] I’ve been heartened by the stability of support I’ve seen in an unstable world,” Zeitlin added. “What I’ve seen is a steadfast commitment to Amherst, even if they need to think of the timing and nature of their gift, the level of commitment has been remarkably stable.”
While the first year or two may be underwhelming in terms of donations, Morey said she is hopeful that by the third year of the public campaign, the economy will begin to swing upward. As of yet, she has not been able to quantify the impact of the current downturn on donations, which will be formally calculated at the end of the fiscal year.
Morey charted the expected donor breakdown for the campaign. The College expects half of the campaign total ($214 million) to come from 19 gifts of $5 million or more, $162 million to come from 379 donors making gifts of $100,000 to $5 million and then $42 million from gifts of $100,000 or less.
In his letter announcing the comprehensive campaign, Marx emphasized that it aims to be not only a fundraiser, but also a chance to enhance the connectivity of Amherst students, alumni, faculty and parents in an increasingly complex world. “As our world becomes more interconnected, so must our graduates become better connected with current students and with one another,” he wrote. “Your willingness to help us in these endeavors, including advising a student or making internships available … is fundamental to the goals of this campaign.”
And so with the United States in the midst of one of its worst economic crises ever, the College will officially launch the public phase of its comprehensive campaign “Lives of Consequence” this weekend.
“Amherst is almost 200 years old, and has as an institution lived through a number periods of volatility and uncertainty in the broader economy, so this isn’t the first time and this isn’t the last time that the College is going to contemplate its needs in a period of uncertainty,” said Zeitlin. “I say that because it’s important to make sure that one doesn’t overreact.”