Universities set fund record
HARRISBURG — Pennsylvania's 14 state-owned universities raised a record $52 million in private donations during the 2007-08 fiscal year.
State System of Higher Education officials said Wednesday that's about 20 percent more than the universities raised in the previous year.
But the total market value of the schools' endowments has declined, from $240 million to $227 million.
Roughly one-third of the contributions came from university alumni, while individuals donated 18 percent and organizations and corporations contributed 17 percent each.
Most of the gifts were designated for specific purposes, such as scholarships and campus construction and renovation projects.
System officials say the fundraising totals don't reflect the national economic downturn that occurred during the second half of 2008.
