October 11, 1996: Volume 38, Number 3

Library Goal Near; Bidding This Month

With less than $600,000 left in fundraising toward the $17.6 million project, the College this month is accepting bids for the renovation and expansion of Schaffer Library, President Roger Hull told the faculty at their meeting last week.

Hull reiterated that building will begin only after the College has completed the fundraising, saying "We will not build and then worry about the funding for maintaining the building or upgrading the collection."

Fundraising is expected to be completed this month, said Dan West, vice president for college relations.

West also told the faculty that the Bicentennial Campaign now totals $130 million, including the recent gift of $9 million from the F.W. Olin Foundation. About $66 million has been raised toward endowment, $36 million toward construction and renovation, and $27.2 million through the Annual Fund. The Bicentennial Campaign goal is $150 million.

Receipts for fiscal year 1996 totaled $14.9 million. That included $2.26 million in scholarships, $.5 million in Federal grants, $1 million in realized bequests, and $6.5 million in new or increased planned gift instruments.

The alumni participation rate was 47 percent. The cost of fundraising was 13.4 cents per dollar raised.

The College's endowment stands at about $175 million, it was announced by Diane Blake, vice president for finance.

President Hull urged all faculty and staff to participate in the College's fundraising efforts. "It is important to foundations and others when we can say that the people in the institution support it themselves," he said.

Dan Lundquist, vice president for admissions and financial aid, thanked faculty members for their help in recruiting, in particular, members of the admissions advisory committee.

Dean of Faculty Linda Cool reported on the annual merit increases for faculty.

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