Harvard Launches $6.5 Bln Capital Campaign

(RTTNews) - Harvard University Saturday launched a $6.5 billion fundraising campaign, deemed to be the largest ever fundraising effort in higher education, aiming to fund research and teaching, as well as for its financial aid program.

The public kickoff included, among other things, a question-and-answer session with Bill Gates, who left Harvard before graduating to found Microsoft Corp. (MSFT).

Harvard, the richest university in the United States, in a statement said that it already has raised about $2.8 billion in gifts and pledges during the campaign's "quiet phase,", leaving about a $3.7 billion target.

Harvard President Drew Faust said, "We launch The Harvard Campaign at a moment when higher education is being challenged to reinvent itself, and we embrace this opportunity for a campaign that aims to do more than merely extend or reinforce long-standing strength and eminence."

Harvard's last campaign, which concluded in 1999, raised $2.6 billion. The University said its endowment, a linked pool of thousands of funds, most of which are dedicated to specific purposes, stood at $30.7 billion last year.

Harvard noted that the campaign announcement comes during another time of financial uncertainty for higher education, with drying up Federal budget dollars, which fund a large portion of university research.

It is expected that 45 percent of the fundraising proceeds will go to research and teaching, 25 percent for financial aid and the student experience, 20 percent to buildings and capital projects, and the remaining 10 percent in flexible funding to foster new initiatives and faculty collaboration.