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A year of philanthropy success at UB
11 gifts of $1 million or more set record
Among the contributions of $1 million or more were gifts from Jeremy and Margaret Jacobs to establish the Jacobs Institute, John Kapoor to renovate Acheson Hall as the new home of the School of Pharmacy and Pharmaceutical Sciences, and John R. “Jack” Davis in support of a new building for the School of Engineering and Applied Sciences.
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“Even during presidential election years, far more people give to charity—nearly 70 percent—than vote—54 percent.”
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The fiscal year ending June 30, 2008 was a very good year for philanthropy at UB, with milestones including a record number of gifts of $1 million or more in a year and the largest single gift from an individual in the university’s history.
Kathryn Costello, vice president for development, reports that the $34.2 million collected during the period from July 1, 2007 through June 30, 2008 was the second-highest total ever and was only surpassed during 2002-03, the closing year of the Generation to Generation campaign, which included a one-time $53.5 million software gift. It also represented a 27 percent increase over the previous year.
“Our generous donors and volunteers constantly remind us that UB is worthy of their investments of time and money,” Costello says. “Every gift to UB, no matter the size, is a vote of confidence in our future.”
The record 11 gifts of $1 million or more during FY 2007-08 included $10 million from Jeremy and Margaret Jacobs to establish the Jacobs Institute, supporting research and clinical collaboration on the causes, treatment and prevention of heart and vascular diseases. The largest single gift in UB’s history, it made the Jacobs family UB’s most generous donor, with gifts totaling $18.4 million.
The period also saw an increase in gifts of $1,000 or more to 1,403.
Gift commitments during FY 2007-08 totaled $57.2 million, a 92 percent increase over the previous year and 132 percent increase over the goal for the year.
Gifts from corporations and foundations totaled $21.2 million in commitments and $12.8 million in collections, up from $9.8 million and $9.2 million, respectively, from the previous year.
Costello notes that despite the sluggish economy, American philanthropy totaled a record $306 billion last year and continued to equal 2.2 percent of the nation’s gross domestic product. Only religious organizations surpassed education—including colleges, universities and libraries—as the leading recipient of Americans’ generosity.
Comparing America’s giving rate to its turnout at the polls, she adds: “Even during presidential election years, far more people give to charity—nearly 70 percent—than vote—54 percent.”
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