Harvard Close to Reaching $2.1 Billion Capital Goal

Harvard hopes that by December its coffers will finally be $2.1 billion heavier than they were in May 1994, as the massive University-wide capital campaign draws to a close.

As part of the final push towards the Campaign's conclusion, President Neil L. Rudenstine will be putting fundraising at the top of his agenda for the next semester.

While the funds raised for certain schools and projects have already surpassed their set goal, others are still behind schedule. Administrators worry that they may soon need to dip into Harvard's nearly $13 billion endowment to finance pre-scheduled renovations whose funding has failed to materialize in the Campaign.

Overall, Harvard has raised $1.964 billion, a healthy 94 percent of its goal. Each of the ten schools, with the exception of the Faculty of Arts and Sciences (FAS), has reached its raw financial goal. FAS has raised $900 million of its $960 million goal so far.

"But that doesn't mean the schools raised money in all the priority areas," says William H. Boardman Jr., associate vice president for University capital giving.

One of those problem areas is the University library system. Only $40 to $50 million of the $67 million needed for the planned renovations of Harvard's libraries has been raised so far.

Donors often give little to aid libraries because the results of those gifts are often less noticeable. But Harvard's needs in this department are substantial, including the installation of an air conditioning system in Widener library, scheduled to begin this spring.

But despite funding problems, Rudenstine says, the University will "go ahead with the [library projects] no matter what."

One of the campaign's most ambitious undertakings is to raise $200 million for undergraduate student financial aid. At this time, FAS is still $30 million short.

Also, FAS has raised money for only 22 of 40 new endowed professorships.

Boardman predicts that in the next year the University will have a more focused agenda for fundraising aimed at identifying and tapping people with a desire to give to particular areas.

He says FAS is particularly intent on increasing support to donate money for financial aid.