V-Ps post financial update on philanthropy
Provost and V-P (Academic) Bob Silverman and V-P (Finance and Administration) Caroline Davis have posted a financial update to the Queen’s community focusing on the role of philanthropy.
Dr. Silverman and Ms Davis discuss private support for the university’s mission, noting that the level of government operating support has declined from 80% in 1990 to just over 50% today.
“In the last few years, the change has accelerated, leaving us to look elsewhere for revenue. The inevitable result has been steady increases in both tuition and enrolment to boost revenue,” the V-Ps say. “Pressure has also increased for private support – which is no longer just for the “nice-to-haves”. Non-government support is now essential to maintaining critical components of the university.”
Over the last four years, total fundraising has averaged approximately $48.6 million annually and almost all gifts (approximately 96.3%) are targeted toward specific areas and projects.
Donors give to initiatives that match their passions and interests and these reflect the fact that Queen’s is a balanced academy – excelling in both teaching and research.
In addition to infrastructure, donations are directed in support of chairs, professorships, student assistance, curriculum development, art, lab equipment and more. Every dollar raised has a positive impact on students and their experience at Queen’s.
“But while we can and will raise more money in the future from non-government sources, donor support will never provide the complete solution to the operating funding gap,” say Provost Silverman and V-P Davis.
“The 2008 market meltdown had a significant effect on giving. We are recovering, but the continuing decline in government operational funding has exacerbated our financial challenges...Still Queen’s has faced financial challenges many times in its 170- year history and philanthropy has historically helped us overcome these challenges. In 2011 and beyond, it continues to have a vital role.”