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A slowing economy and a faltering stock market did little to dissuade Virginia Tech supporters from increasing their giving to the university in fiscal year 2000-2001. Individuals, corporations, and foundations contributed $66.4 million, a 20-percent increase over gift income received during the last fiscal year.
"Supporters of the university were uncommonly generous, given the recent economic climate we've been experiencing," said Elizabeth Flanagan, Virginia Tech's vice president for development and university relations. "In fact, the level of private giving in fiscal year 2000-2001 was the second highest in our history. The results are a strong vote of confidence from donors and bring us closer to our goal of becoming a top-30 research institution by 2010."
Alumni, now numbering more than 166,000, were responsible for a quarter of the year's total, giving nearly $17 million. Among individuals, friends of the university donated the second largest amount, with $10.7 million. And parents of students continued to direct more of their philanthropic dollars to Virginia Tech. Their contributions increased by more than $66,000 compared to the previous 12 months.
It was a banner year for corporate support. Between direct gifts and grants, sponsored programs, and matching gifts, corporations donated close to 40 percent of the fiscal year's bottom line. The $26.4 million in corporate contributions was fueled by a $12-million gift of intellectual properties from Dupont. The gift, consisting of thermoplastic composites technology patents and related materials and equipment, was a follow-up to and an enhancement of a $23-million gift Dupont made to Tech in 1998 for similar technology. It will aid university researchers in developing recyclable automotive parts, low-cost aircraft parts, and composite bridge beams.
As in fiscal year 1999-2000, both the College of Engineering and Intercollegiate Athletics topped the list of areas attracting the most support from donors, with $24.5 million and $10.4 million, respectively. In addition to being the beneficiary of the Dupont gift, the College of Engineering also received a $5-million commitment from Eleanor Davenport, her husband William A. Davenport, and their children. Mrs. Davenport, who is the daughter of the late Fred Durham '21, a co-founder of the Dover Corporation and a generous donor to the college, designated the gift to establish a scholarship endowment to support undergraduate and graduate engineering. In honor of Mr. Durham, the university's board of visitors voted to name the New Engineering Building "Durham Hall."
Intercollegiate Athletics continued to experience a positive financial effect from the success of Tech's nationally ranked football team. It marked the seventh consecutive year the program has raised a record amount of funds.
With on-going fundraising campaigns for the Virginia Center for Civil War Studies, a new alumni and conference center, and the expansion of the South End Zone of Lane Stadium, the university received $17.4 million earmarked for capital facilities, a significant jump over the $3.9 million given for capital expenditures in 1999-2000. Donors also gave $27.7 million toward the funding of current operations and made contributions that raised the university's endowment by $16.5 million.