“The scenic campus of Colgate University in upstate New York is enjoying more than a fresh coat of paint these days.” So says the lead paragraph in a story from the Associated Press, headlined “Should Colleges Worry Over Plan to Cap Deductions?”
Colgate’s Murray Decock ’80, vice president of institutional advancement, provided a strong counterpoint to the suggestion that the wealthiest contributors to university campaigns could tighten their belts if tax deductions are capped.
Decock, who directed Passion for the Climb, which ended in July, was quoted: ”Our alumni and our parents don’t give solely for tax reasons. It’s probably the third or fourth reason. They’re primarily giving to make an impact.”
Moments after the wire story was posted, it began appearing on top global news sites, including the Washington Post, Business Week, San Francisco Chronicle, Huffington Post, Yahoo, Fox, Yahoo Finance and more.
According to AP: “New buildings include the Robert H.N. Ho Science Center and the Trudy Fitness Center. The Case Library was refurbished and renamed, and includes the new Geyer Center for Information Technology.
“There’s also $142 million in the coffers for financial aid — all the fruits of a recent $480 million fundraising campaign.”
The story reported that among Colgate’s 35,000 contributors, there were 1,000 donations of $25,000 or more, 91 of at least $1 million, and two of more than $25 million.
“Decock called it a ’90-10 campaign’ — 90 percent of the funds coming from 10 percent of donors, which is common for schools like Colgate. But in fund drives at larger institutions, he said, the ratio is usually more like 97-3.”
Passion for the Climb, the second-largest campaign ever completed by an American liberal arts college, raised more than than all five of Colgate’s previous campaigns combined. Read more here.