Harvard University Wants To Raise $6.5 Billion

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On Saturday, Harvard University announced its largest-ever fundraising goal of $6.5 billion in order to support the school’s ambitious academic initiatives.

Known as “The Harvard Campaign,” the aggressive, university-wide fundraising effort aims to bring in billions of dollars in order to fuel “new approaches to teaching and learning,” as well as “advance discovery and learning.”

Drew Gilpin Faust, president of Harvard University, said the campaign comes at a time when the higher education field is being challenged to reinvent itself. “We embrace this opportunity for a campaign that aims to do more than merely extend or reinforce long-standing strength and eminence,” said Faust. “The Harvard Campaign calls upon us to articulate and affirm the fundamental values and purposes of higher education in a world transformed by globalization and technology, a world filled with promise for improving human lives, a world in which talent recognizes no boundaries, and in which creativity and curiosity will fuel the future,” she said.

According to a statement from school officials, the university has already raised $2.8 billion, representing gifts from more than 90,000 alumni and friends during the campaign’s pre-launch phase. Here is a breakdown of where all that money will go, once the additional $3.7 billion is secured:

• 45 percent of the money raised will support teaching and research.

• 25 percent will support financial aid and the student experience.

• 20 percent will fund capital improvements.

• 10 percent will be allocated for flexible funding to foster collaborations and initiatives.

The campaign was unveiled over the weekender during a ceremony with Bill Gates. Gates attended the school for three years before dropping out to start Microsoft.