UMass raises $116 million in FY 2014
- The UMass System
President Caret says fundraising success part of UMass "transformational moment"
BOSTON - Fundraising throughout the five-campus UMass system increased by 12 percent during the past fiscal year, helping to drive the University's endowment to a record $757 million, President Robert L. Caret announced today.
"We have established increased private-support as a top priority and are pleased to be seeing clear signs of success," President Caret said as the Board of Trustees Committee on Administration and Finance held its quarterly meeting.
"At a time when state government has stepped up its financial commitment to UMass, we see similar progress in the area of private support as being central to the University's long-term stability and success. Faring well in the areas of public and private support is the key to a very bright future for UMass," President Caret noted.
President Caret added: "I believe we are witnessing a transformational moment, as constituencies across the Commonwealth and across the board are recognizing the University's true value and importance, which translates into the $100 million funding increase we have received from the state, the 30 percent enrollment surge of the past decade, and the fundraising success we are now enjoying."
Recently compiled figures show that the University raised $116,600,051 in FY 2014 in gifts and pledges -- a 12 percent increase over the previous year's $103,862,804. Fundraising in FY 2014 exceeded the UMass system goal of $105,337,474.
The University's largest gift last year came from longtime supporters Douglas and Diana Berthiaume, who provided a $10 million gift to create a world-class Center for Entrepreneurship at UMass Amherst's Isenberg School of Management.
Douglas Berthiaume, a 1971 management school graduate of UMass Amherst, is chairman, president and CEO of Waters Corp. in Milford, and co-chair of UMass Rising, UMass Amherst's $300 million capital campaign.
"Private support is key to two things of critical importance to the University - access and excellence," said Henry M. Thomas III, chairman of the UMass Board of Trustees. "The funds we receive from donors are a prime source of funding for student scholarships, and UMass is committed to doing everything it can to maintain affordability for the students of the Commonwealth. Private funds also allow us to attract and retain top faculty members."
The University was supported by 21,360 first-time donors in FY 2014 - the largest number of first-time givers in its history.
"We are heartened to see this major infusion of new donors, as this significant expansion of our donor base augers well for the future," President Caret said.
In total, 79,107 people contributed to UMass during Fiscal Year 2014. The FY 2014 fundraising totals by campus:
- UMass Amherst: $45,734,059
- UMass Boston: $13,607,009
- UMass Dartmouth: $4,541,190
- UMass Lowell: $20,572,060
- UMass Medical School: $32,145,733
UMass is in the early stage of its first system-wide capital campaign, which has a goal of raising $800 million over the next seven years.
The University's endowment stood at $757 million as of June 30, 2014 - the highest level in UMass history, up from $664,200,000 on June 30, 2013. The endowment distributed almost $18 million to the UMass campuses during the 2013-2014 academic year - funds that were directed to student scholarships and other important purposes.
Other fundraising highlights from the past fiscal year:
- 119 new endowment funds were created
- The University received 14 gifts in excess of $1 million, bringing to 30 the number of $1 million-plus gifts the University has received over the past two years
- The University achieved total endowment growth of 14 percent and the investment return for the fiscal year was 13.7 percent
Contact: Robert P. Connolly, 617-287-7073; Ann Scales, 617-287-4084