Veritas, Vol. 28, No. 08, May 1988

              Uahre rsîty Archive*
Campaign tops $400 million; unmet needs now the focus
The campaign for the university of miami
has reached $403-9 million, surpassing its $400 million target, 19 months ahead of schedule. The five-year fund-raising campaign will continue toward its December 1989 completion date because a number of original needs have not yet been fulfilled.
The $403-9 million achievement was announced April 9 at the University’s annual Donor Recognition Gala. The benchmark was topped by a new $5 million commitment from the Harcourt M. and Virginia W. Sylvester Foundation, bringing its total commitment to the UM School of Medicine to $32.3 million.
“This is a great day for the University of Miami,” said James W. McLamore, chairman of The Campaign for the University of Miami and chairman of the UM Board of Trustees. “Though we are celebrating the achievement of this milestone today, tomorrow we go back to work to meet the many needs that still exist. We have only 19 months remaining in w hich to secure the additional support necessary to meet our goals.”
Seventy-five percent of the financial commitments for the campaign came from individuals, corporations, foundations. and organizations in Dade, Broward, and Palm
Between May1983 andMay1987. the University's endowmentgrew by 70percent to $112 million, as ci result of campaign gifts and investment management. During the same period, annual cash gifts and grants to the UM increased 142 percent from $24 million to $5S million. Thirty-six new endowed chair funds for distinguishedprofessors will raise doe University's totalfrom 15 to 51.
Beach counties. “This broad-based community support for a fund-raising effort this large is incredible for a university only 62 years old." added McLamore.
“We are extremely grateful to our friends and neighbors in South Florida for their commitment to make the University of Miami one of the nations truly great universities.” said President Edward T Foote. “This w ould not be possible without Jim McLamore and the hundreds of volunteers wix> are doing a superb job.”
An unusually large portion of the campaigns more than 131.000 commitments. 45 percent, came from nonalumni individuals. Institutions much older than UM generally' hav e generations of alumni contributions. However more than half of the University's alumni hav e graduated since 1972.
“We haven't yet really* tapped alumni.” said McLamore. “We've just launched the very* important alumni phase of the campaign. Headed by [Barnett Banks of Florida president and CEO] Charles Rice, it will give alumni an oppor-
tunity to give something back to their alma mateif
When the campaign w"as announced in December of 1984, it was the second most ambitious campaign ever launched in the history of higher education. Today, it is the fourth largest of the current fund-raising efforts. The only current higher education fund-raising campaigns larger than the University of Miami’s are: Stanford University ( $1.1 billion goal by 1991), University of Southern California ( $557 million by 1990), and Johns Hopkins University ( $450 million by 1990).
“When we started out over three years ago, a lot of skeptics said it couldn’t be done,” said McLamore. “We never lost sight of our goal of mobilizing the community to make their private research university one of the best in the country”
With 67 donors committing $1 million dollars or more, the campaign’s largest benefactors are the Harcourt M. and Virginia W Sylvester Foundation and James L. Knight, who through a charitable trust committed $56.25 million over a period of 27 years. (Of this gift, $20 million has been counted toward the campaign.) The Sylvester Foundation’s funds will go to build the Sy lvester Cancer Clinic and to establish three endowed chairs and provide medical faculty^ support. The Sylvester Mobile Cancer Screening Lab is already on the road serving Dade County The Knight gift will provide support for the Bascom Palmer
Eye Institute and is making possible die construction of a new physical sciences building.
Combined gifts from the AFL-CIO, Eleanor Kosow, and others are making possible a $10 million diabetes research and treatment facility, as well as faculty and ongoing support. The Knight Foundation is providing $5 million to endow four chairs and faculty fellowships.
In addition to amassing most of its support from the community, the campaign is noteworthy for several other accomplishments. Between May 1983 and May 1987, the University of Miami’s endowment grew by 70 percent to $112 million, as a result of campaign gifts and investment management. During the same period, annual cash gifts and grants to the University of Miami increased 142 percent from $24 million to $58 million. Thirty-six new endowed chair funds for distinguished professors will raise the University’s total from 15 to 51.
“Our volunteers and staff have done a splendid job. All of us are exhilarated,” said Rita Bomstein. vice president for development. “We will have to work even harder during the next phase of the campaign to complete our mission.”
Many observers were concerned that October’s stock market plunge would put a damper on fund-raising campaigns, such as the Univ ersity* of Miami’s.
Continued on page 2
President Eduard T. Foote inducted members of the Ibis. Bowman Foster Ashe, and George E. Merrick societies at doe annual Donor Recognition Gala April 9. The Ibis Society represents the S250.00-S499S99 level of giving; the Bowman Foster Ashe Society the S500.000-999.999 level: and the George E. Merrick Society\ the SI million and higher level.