“U.S. colleges and universities raised a record $40.31 billion last year, buoyed by megagifts to Stanford University, Harvard University and other wealthy institutions,” The Wall Street Journal reports. “The top 10 fundraising recipients accounted for 18% of gifts in the latest year, or $7.27 billion, up from 17.5% the preceding year and 16.1% a decade earlier, said Ann E. Kaplan, who directs the survey.”
“The richest schools are encouraging an arms race among donors as they seek funds to build sprawling health-care and academic complexes or to launch interdisciplinary programs. Successful alumni donors are eager to preserve their legacies by backing institutes that take on pressing challenges like global poverty and climate change.”
“Stanford led the pack with a record $1.63 billion raised in its fiscal year ended Aug. 31, followed by Harvard, which brought in $1.05 billion in its fiscal year ended June 30.”
