College plans to increase endowment by $80 million
Jade Hernandez
Issue date: 5/1/08 Section: News
Whittier College, with help from alumni volunteers and benefactors, will attempt to reach their goal of doubling the school's endowment of $80 million to $160 million over the next five to seven years.
This year the Office of Advancement has worked at gaining $7 million dollars in private gifts and donations in addition to the $80 million endowment, a considerable increase from the previous fiscal year's goal. "This is significant," Vice President for the Office of Advancement Elizabeth Power Robison, said. "Whittier was founded in 1887. Having been at $80 million previously, we've added 10 percent of the money in one year."
Whittier College's endowment is a long-term investment of money that is used for various programs and groups on campus. Every year, about $20 million is earmarked for specific uses for the school and students. Part of the endowment is used to increase the amount of scholarships that are given out each year to students in need of financial help.
This year alone, seven new endowment scholarships were created, using a total of about $12 million of the endowment money. Five million dollars was set aside for paid internships for students, $2.5 million was set aside and used to fund student research and $1.5 million of the endowment helped global initiatives, also known as study abroad programs. The endowment also provides for professor salaries and occasionally for buildings and construction on campus.
By increasing the endowment, more money can be set aside each year specifically for students. "This is a very ambitious goal," Robison admitted when asked if the goal was reasonable. "A lot of wealthier schools with higher endowments bring in wealthy students and end up giving less in financial aid. Whittier really values the students who go here and put out that money every year in financial aid."
Endowment increases not from growth on the market, but from investments. A donation to the endowment must be a minimum of $50,000. Oftentimes, benefactors are asked to give on a personal basis. Gifts can be left for the endowment. It is not uncommon for estates to be left to the school, as well as other items which can be called "gifts."
This year the Office of Advancement has worked at gaining $7 million dollars in private gifts and donations in addition to the $80 million endowment, a considerable increase from the previous fiscal year's goal. "This is significant," Vice President for the Office of Advancement Elizabeth Power Robison, said. "Whittier was founded in 1887. Having been at $80 million previously, we've added 10 percent of the money in one year."
Whittier College's endowment is a long-term investment of money that is used for various programs and groups on campus. Every year, about $20 million is earmarked for specific uses for the school and students. Part of the endowment is used to increase the amount of scholarships that are given out each year to students in need of financial help.
This year alone, seven new endowment scholarships were created, using a total of about $12 million of the endowment money. Five million dollars was set aside for paid internships for students, $2.5 million was set aside and used to fund student research and $1.5 million of the endowment helped global initiatives, also known as study abroad programs. The endowment also provides for professor salaries and occasionally for buildings and construction on campus.
By increasing the endowment, more money can be set aside each year specifically for students. "This is a very ambitious goal," Robison admitted when asked if the goal was reasonable. "A lot of wealthier schools with higher endowments bring in wealthy students and end up giving less in financial aid. Whittier really values the students who go here and put out that money every year in financial aid."
Endowment increases not from growth on the market, but from investments. A donation to the endowment must be a minimum of $50,000. Oftentimes, benefactors are asked to give on a personal basis. Gifts can be left for the endowment. It is not uncommon for estates to be left to the school, as well as other items which can be called "gifts."
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