University Donations Reach a Record High

CollegePhilanthropists provided record levels of funding to British universities last year, as institutions increasingly tap wealthy alumni and corporate sponsors for donations.

A study of charitable giving to universities reveals they have received £774m in donations in the past year – a rise of 14.4 per cent on the previous year’s figure, itself a record, and 33 per cent up on two years ago.

Researchers say universities are adopting a US-style approach to fund-raising. In the States, Ivy League universities such as Harvard rely heavily on donations from former alumni and sponsors.

The lion’s share of this year’s increased funding – 45 per cent – is going to Oxford and Cambridge universities, both of whom have reached £1bn targets for fund-raising in the past two years.

Other members of the Russell Group, which represents 24 of the most research-intensive higher education institutions, were also prominent among those raising the most cash.

A breakdown in the report – prepared by the Ross Group in conjunction with the Council for Advancement and Support of Education (Case) – reveals that, in addition to rising corporate donations, the number of individual donors (former university alumni) increased 5 per cent to 170,000.

The largest donation came from the Welsh-born venture capitalist Michael Moritz, who gave Oxford University £75m to help it attract more students from poorer backgrounds. The donation was described as “the biggest philanthropic gift for undergraduate financial support in European history”.

Categories: Academic

Comments are closed.

Malcare WordPress Security