Wharton raises $445 million in 7-year campaign

The first fundraising campaign dedicated exclusively to the Wharton School has raised over $445 million after record-breaking participation from faculty and MBA alumni.

Steven Oliveira, Wharton's associate dean for external affairs, said that the Campaign for Sustained Leadership -- which took off in June 1996 and came to a close in June 2003 -- exceeded his expectations.

"A good campaign raises a lot of money; a great campaign transforms an institution," he said. "This campaign transformed the Wharton School."

A total of 23,161 individuals donated to the campaign, including 86 percent of Wharton's faculty. A record 98 percent of MBA students who graduated in 2003 participated as well -- a higher participation rate than any other business school in the country.

"What I'm really proud of is that this was a community effort," Wharton Dean Patrick Harker said in a statement. "The alumni stepping forward, the students with the class gifts and the faculty felt so committed to the school that they gave back."

Wharton MBA student Stephanie Mann said that 98 percent is an impressive proportion to reach.

"I think it's remarkable, especially in light of the challenging economy," she said.

Jay Abramovitz, a Wharton MBA student, said he expects members of his class to match the Class of 2003.

"I'm not surprised" by the Class of 2003 giving rate, Abramovitz said. "My impression is that everyone here feels very strongly that they should support the school, and I wouldn't think my class would be any different."

According to Oliveira, the campaign was created to keep Wharton competitive in the business school world. In particular, it was designed to improve the financial and physical infrastructure of the school.

"For us to maintain our competitive edge, it's important to not only stay up there with these [other business schools], but to surpass them," Oliveira said, pointing out that Wharton's endowment, at $360 million, trails those of other leading business schools, such as Harvard and Stanford.

Oliveira added that before the addition of Jon M. Huntsman Hall, which was built using funds raised during this campaign, Wharton "had less square footage per capita than the average American high school."

Funds have been earmarked for other specific purposes as well. About $127 million will go towards academic programs, $84 million towards faculty support and research and $47 million towards student financial aid.

Both Mann and Abramovitz indicated that they were satisfied with Wharton's current plans for the money raised.

"I would leave that up to the best judgment of the administration," Mann said. "I think they're doing a great job and should keep on."

"Academic programs and faculty support sound good to me," Abramovitz added.

The Campaign for Sustained Leadership set another precedent in that for the first time, Wharton fundraising efforts actively solicited gifts from its faculty.

"If you achieve a high level of participation with the faculty, it's very powerful when you go out to your alumni," Oliveira said, explaining that alumni do not generally expect faculty to give.

Oliveira also explained the rationale used to persuade students to donate.

"I tell students, 'You're sending a powerful and compelling message to the alumni, that you value the education you've received here,'" he said.

Oliveira added that the high level of participation from the Wharton MBA Class of 2003 "is a very, very healthy sign for us."

"It's an indication of people's attachment to a school," he said. "Usually their attachment to their undergraduate institution is much stronger than to graduate or professional [schools], and we've been trying to change that with our MBAs."

According to Oliveira, the campaign has allowed the school to reach out to alumni and re-engage them in Wharton.

"The results of this campaign are something the community has a great deal to be proud of," he said.

However, the campaign was not without its challenges.

During the beginning of the campaign, the dot-com industry was still booming. "The sky seemed to be limitless for fundraising," Oliveira said.

But when the bubble suddenly burst, the feeling evaporated along with it.

"The last couple years of the campaign have been arguably the most challenging fundraising environment," Oliveira said. "We still managed to be very successful despite that."

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