Middlebury trumps peers in fundraising

Author: Derek Schlickeisen

Middlebury raised more money than any other liberal arts college in 2006, signaling a robust start to the likely $500 million Middlebury Initiative to be announced next fall. The $61.5 million total exceeded the College's fundraising goal by more than $10 million.

The year's record total gives the school a chance to help close the gap in endowment size between the College and its peer institutions, according to Dean of Planning John Emerson. Middlebury's current endowment currently stands at over $880 million. With its swift rise to fifth place in the U.S. News and World Report rankings of liberal arts schools, the College now finds itself in a bracket with such institutions as Williams and Amherst, whose endowments exceed $1 billion.

"Middlebury is competing head-to-head with top colleges whose endowments on a per-student basis are substantially greater than ours," Emerson said. "Given this, it is hard to overemphasize the importance of successes like [last year's]."

The current Strategic Plan calls for greater financial resources in order to support additions to the faculty and an expansion of student financial aid programs. The College is now in a pre-campaign "silent" phase of the Middlebury Initiative that has already yielded more than $200 million in pledges.

"Success in achieving the goals of the Strategic Plan is entirely dependent on our success with the Middlebury Initiative," said Emerson.

The record fundraising comes as just the latest in a string of financial triumphs for President of the College Ronald D. Liebowitz and his staff: the new total exceeds a previous school record of $42 million in 2005, and growth in the College's endowment has surpassed expectations for three years running.

"We also count on a particular rate of return on the endowment each year (nine percent) to support the operating budget," said Liebowitz, "and if the return on our endowment is less than the nine percent for a given year, the higher fundraising helps fill the gap."

A $23 million gift from philanthropist Shelby Davis helped put the College over the top, edging out Wellesley College by nearly $6 million. With high hopes for continued success in coming years, Liebowitz gave special credit to Davis.

"Our financial model calls for slightly less than $50 million in cash per year over the next few years," said Liebowitz. "Those are big totals, so the $61.5 million exceeded what we set as a goal and we are delighted. Then again, it is not every day when a college of our size gets a $23 million gift."

The gift from Davis, whose family also funds the United World College Davis Scholars program headquartered at the College, is reserved entirely for financial aid given to international students. The Davis Scholars program brings 800 international students to U.S. colleges each year, including approximately 95 to Middlebury.

"Strengthened financial aid is the very highest priority in the Strategic Plan," said Emerson, "so the Davis gift is critically important and especially welcomed."