Endowment Guide

Luther sets fundraising goal for $100 million endowment

Date 10/15/1998 12:00 AM | Topic: News

During Homecoming weekend Luther will launch a national campaign which will include raising the endowment to provide $40 million in new scholarships. Titled Leadership for a New Century, the campaign has set its fundraising goal at $100 million.

"The dollars students pay do not cover the costs of their education," said President Baker in a message printed in the program flyer. "Additional support is essential if we are to fulfill our vision of Luther in the twenty-first century."

According to Baker's message, comparable small liberal arts colleges often boast endowments of two to twenty times the size of Luther's, which is currently estimated at $40 million. The college relies on its endowment to finance major projects, such as buildings, major improvements on campus and financial aid for students.

All of Luther's non-dormitory buildings, beginning with the original Main in 1865, have been built using private donations rather than students' tuition dollars.

"Right now, students pay for 80 to 85 percent of what Luther really costs," said Birgitte Christianson, director of capital campaigns, "and we'd like to see more supplementation of student costs come from private donations."

"One of the most important advantages of having a large endowment is that it would provide stability from economic irregularities, like unforeseen smaller class sizes or a shifting economy," said Christianson. "It would enable us to keep helping students from a wide variety of economic backgrounds to afford a Luther education."

A goal for the Campaign is to increase endowment by $68 million. This would cover scholarships, chairs, professorships, lectureships, and a general unrestricted endowment. These scholarships would be offered beyond those which already exist, like the Regents Scholarship.

A total of $28 million is set for the second part of the campaign, covering buildings and technology. The Center for the Arts and Community, the second phase of the science building, technology for humanities classrooms, and cafeteria renovation fall into this category.

Fifty-three percent of Luther faculty and staff are actively involved in the project. Regents are expected to do the same

A quiet fundraising campaign has already begun with contributions received from major donors, regents, and the Luther and Decorah communities. The original goal was set at $25 million. However, Christianson said she expects that President Baker will make an announcement at Friday's alumni dinner that this goal has been surpassed.

"Reaching our goal will make it possible for us to keep providing for students financial needs and enabling them to become leaders after they graduate and leave Luther," said Christianson.

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Jessica Massie
Chips Staff Writer

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