The University of Minnesota has raised $2.5 billion in the last six years, officials said Friday as they publicly announced a 10-year campaign target of $4 billion.
Planning for the campaign, called “Driven,” began soon after Eric Kaler became president in 2011. They went public Friday with balloons, cheerleaders and the marching band to generate excitement and make U giving more visible, Kaler said.
“I can’t think of a better investment in the state of Minnesota than the University of Minnesota,” he said. “We create the next generation of learners and leaders. We create cures to disease. We create new inventions and new businesses. We are an unbelievably strong magnifier of private philanthropy for the public good.”
The $2.5 billion represents all private gifts and pledges to the U system since July 2011, including corporate and foundation research grants that were not for the donor’s benefit.
Of the expected $4 billion by 2021, the university says it will steer $2 billion to faculty and research. Students will get $1 billion for scholarships, fellowships and experiences. The final $1 billion covers various initiatives and outreach, including Athletes Village, the Bell Museum and the Raptor Center.
“This campaign is about research, outreach, education, athletics and everything that this university stands for,” Board of Regents chairman David McMillan said.
The campaign is the third of its kind in the U’s history, benefiting every college on all five system campuses, as well as athletics, the Weisman Art Museum and more. The last, from 1999 to 2003, brought in $1.6 billion.
A $4 billion campaign would match what the University of Michigan recently raised in under six years. The University of Wisconsin is working to raise $3.2 billion in seven years.
John and Nancy Lindahl, major U donors who co-chaired the TCF Bank Stadium campaign, are co-chairing the Driven campaign, as well.
More than 200,000 people have contributed so far, creating more than 700 new scholarships and 398 new fellowships and professional-school scholarships.
About one-third of the $2.5 billion has come in the form of commitments for future gifts.
Half of the gifts will be added to the U’s $2.15 billion endowment, about 4.5 percent of which is spent each year.
The campaign’s priorities are to improve the student experience, drive innovation, advance health sciences, provide opportunity for all, and protect and sustain agriculture, food and water.