Penn State surpasses fundraising goal by raising more than $2B. Here’s what to know

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Penn State recently surpassed its six-year fundraising goal by raising more than $2.166 billion, a total that puts the land-grant university among elite company.

The fundraising campaign — titled “A Greater Penn State for 21st Century Excellence” — will continue through June 30, but the university celebrated reaching its goal Friday at the Bryce Jordan Center with attendance from more than 1,400 top donors, leaders, students and faculty. According to Penn State, it is now one of only 15 universities nationwide to raise at least $1 billion in three or more campaigns.

The university set its own annual fundraising records in four of the campaign’s six years. During that time, more than 684,000 individuals contributed.

“As I prepare to step down from my role as president, I am profoundly grateful for the support we have received and for the belief of our alumni and friends in Penn State’s potential for leadership,” university President Eric Barron said in a news release. “The success of this campaign has given President-elect Neeli Bendapudi vital resources to take the university to even higher levels, to make us ‘A Greater Penn State.’”

Bendapudi, who was also on-hand Friday, will succeed Barron and take over as Penn State’s 19th president May 9.

According to the university, the money raised from fundraising will go toward satisfying three main imperatives — keeping the doors open to students regardless of financial well-being; creating “transformative” experiences that go beyond the classroom; and impacting the world “by serving communities and fueling discovery, innovation and entrepreneurship.”

Among the campaign’s highlights when it comes to gifts and donations:

  • Scholarship gifts and matching funds that have created $93.3 million in endowed support for students in the Open Doors programs, which provides counseling and support to students experiencing unexpected hardship such as a parent’s illness or job loss.

  • More than $25 million in support of Invent Penn State, which encourages entrepreneurship and economic development across the commonwealth.

  • More than $160 million raised for children’s health from Thon, Four Diamonds, Children’s Miracle Network and from gifts directly to the Penn State Health Children’s Hospital.

  • A $25 million commitment from Highmark for research and care at Penn State Cancer Institute.

  • Support that helped launch the construction of the Palmer Museum of Art at the Arboretum. (Nearly $15 million in new art has been committed.)

  • Eight-figure gifts to name the Donald P. Bellisario College of Communications and the Ross and Carol Nese College of Nursing.

  • Eight-figure commitment from Gene and Roz Chaiken to grow their scholarship support in the College of the Liberal Arts, making them the largest scholarship donors in university history.

“The impact of this campaign will be felt widely and deeply for many decades to come,” O. Richard Bundy III, vice president for development and alumni relations, said in a written statement. “At colleges across the university and campuses across the commonwealth, Penn State supporters are ensuring that our ambition as an institution — to serve and to lead, to set a new standard for higher education — matches the ambition of our students.”

Penn State noted that Friday’s gathering marked one of the final public appearances for Barron and his wife Molly. Barron is set to officially retire May 8 after serving the last 8 years as university president.

The celebration featured many of the couple’s favorite songs. And, before the fundraising total was announced, attendees watched an hour-long live show that featured performances from the musical theater program, Blue Band and Essence of Joy.

For more information about Penn State’s fundraising campaign, go to greaterpennstate.psu.edu.