By Margaret Hawryluk
A campaign aimed at increasing the University’s endowment and academic reputation was launched last Thursday with a formal announcement at the University’s annual Gala.
The $100 million capital campaign, meant to benefit the University in all aspects, is the second in the University’s 70-year history, the first campaign was nearly 20 years ago, according to a University press release.
“These funds will help us enhance our already strong academic infrastructure, increase scholarships and attract nationally-known scholars to the Hofstra campus,” Rabinowitz said in the release.
The five target areas in the campaign are to improve endowments, capital projects and renovations, technology upgrades, academic programs and the annual fund, according to the University’s Web site.
Stuart Vincent, assistant vice president for University relations, said an endowment is assets, funds or property donated to an institution that provides income.
The income generated from the endowment, in turn, funds scholarships, programs and helps an institution become less reliant on enrollment and tuition.
“An enhanced endowment will allow us to provide financial aid and scholarships for deserving students and maintain and create academic programs that will prepare our graduates for leadership positions,” Vincent said. “We must also promote faculty development to help realize the full potential of our academic programs.”
The University’s goal for the endowment is $57.5 million and for capital projects and investments is $27.5 million – $10 million of which would go to a new facility for the Honors College – $12.5 million to classroom renovations and $5 million for a fine arts museum.
The University hopes to allot $7.5 million to technology upgrades, $2.5 million to academic programs and $5 million to the annual fund, which is additional funding that could be allotted to such aspects as faculty salaries, financial aid or academic programs.
“For Hofstra, the moment of opportunity is now,” Vincent said. “We need to invest in more scholarships that will continue to attract the best students, and we need to invest in faculty and teaching excellence. Admission to Hofstra is now more selective than ever.”
The University’s endowment has almost doubled to $185 million in three years. Vincent said peer schools such as New York University, Northeastern University and George Washington University have much larger endowments, ranging from $500 million to $1.5 billion.
So far, the capital campaign has brought in more than $67.6 million, with its most recent gift being made at the Gala by Helene Fortunoff.
“I am honored to be involved in a scholarship program that brings us diverse students who want the best in education, the best in campus life, the best in artistic and creative experiences and the best opportunities as we prepare them for a successful life,” Fortunoff, who established the fine jewelry division of the Westbury-based Fortunoff, said.
Fortunoff’s donation is one of 15 gifts of $1 million or more that the University has received this year. Other donations include $10 million from the CV Starr Foundation, $6 million from board of trustees chairman John Miller, $5 million from David S. and Sondra Mack and $2 million from Horace and Amy Hagedorn.