The Binghamton University Foundation announced that its “Bold.Brilliant.Binghamton” campaign surpassed its $95 million fundraising goal ahead of schedule.
The Foundation — a legally separate, not-for-profit corporation that manages the University’s finances and fundraising efforts — continues to push to reach its next $100 million benchmark to conclude the seven-year campaign that will end on June 30.
The campaign began in 2005, but was announced publicly in 2010.
“Bold.Brilliant.Binghamton” is a comprehensive gift campaign focused on three areas: the Binghamton Fund, faculty and academic support, and student excellence, according to Rebecca Benner, director of Advancement Operations. The gifts include money, deferred gifts and donations such as software, artwork and lab equipment, which come from a variety of sources, including alumni, parents and members of the community.
Some of the money raised in the campaign went to the Binghamton Fund, an annual fund that raises money for scholarships, financial aid and clubs. Other contributions to the Foundation are endowments and serve as investments for Binghamton University.
“This campaign is an investment in today, providing scholarships for students and faculty support, and also an investment in tomorrow, building an endowment that will be in existence for all time,” Benner said.
BU spokeswoman Gail Glover said that $45 million of funds from the campaign were allotted to faculty and academic support, $42 million to merit-based student support and $8 million to support the Binghamton Telefund, a student call center for Foundation fundraising.
Nearly 80 percent of the student body qualifies for need-based financial aid. To alleviate this problem, the Binghamton Foundation dispenses 218 scholarships, 123 awards and 19 fellowships. In conjunction with internships, graduate travel support and emergency loans, the Foundation offers about $1.5 million in aid each year to worthy Binghamton students.
Kim Nostrom, associate director of the Binghamton Foundation, said she believes the campaign will attract prospective students.
“Strong funding, scholarships and opportunities entrap better students, which creates a snowball effect,” Nostrom said.
This year, Vanessa Quince, a senior double-majoring in political science and Latin American and Caribbean Area Studies, received a scholarship, “Promising African American Student,” worth $4,000.
“My family was very happy I received this scholarship because it helped them with finances, and it helped me because I work part time also,” Quince said.
The campaign underwent a silent and public phase, Benner said. She added that “a good chunk of money” was obtained from large supporters during the quiet phase. The campaign went public in April 2010.
“We had an unusual public launch,” Benner explained. “Traditionally, we host a big dinner to discuss the campaign, but we chose to do a viral launch.”
For a two-hour time window, people were able to sign onto a website and engage in a live feed where they could chat with professors, watch videos, play games and view the campus.
“When we were looking at novel ways to launch Binghamton University’s fundraising campaign in 2010, utilizing the Web surfaced as being one of the most practical and economical ways to kick off this major event,” Glover said.
Benner said the campaign has experienced its ups and downs. Nonetheless, the fundraising has increased the University’s endowment by approximately 33 percent, she said.
“Private supports have supplemented and enhanced what the state provides,” Benner said. “It increases salary to keep faculty here if they are being wooed in by another school, or gives them start-up money for new programs.”
Samantha Birk, a freshman majoring in psychology, received a scholarship that resulted from “Bold.Brilliant.Binghamton.”
“It reduces loans and allows you to get more involved on campus without having to work outside of classes,” Birk said.
Benner also said that BU has made great strides for a fairly new University.
“The bold ideals of this institution, along with great leadership, will carry us into success in the 21st century,” she added.