Changes to Support Fundraising
Two upcoming changes will support fundraising to build NC State’s endowment and align the university with practices across the country.
Starting Oct. 1, the university will begin a 5 percent assessment on donations and charge a fee of about 1 percent to the earnings of its endowments.
The endowment, which is the equivalent of a savings account, can support merit- and need-based student scholarships, underwrite faculty teaching and research, and enhance student programs, Chancellor Randy Woodson said. The long-term benefit of building the endowment is a more stable and predictable income stream for the university’s needs and priorities.
The changes will help increase fundraising efforts and improve information systems. Peer universities charge assessments ranging from 2 percent to more than 8 percent, said Nevin Kessler, vice chancellor for advancement.
NC State’s goals are to significantly increase the number of donors over the next 10 years and to increase gift income from about $90 million annually to more than $180 million annually, Kessler said.