University Development closed the books on another successful year in 2010-11 thanks to the generous support of Washington and Lee alumni, parents, and friends.
The Annual Fund exceeded its $7.3 million goal, recording a $400,000 increase over last year's record-setting total. The more than $7.4 million received in the Annual Fund reflects a 5.8% increase over 2009-10.
Overall, Washington and Lee received more than $60.8 million in cash receipts during the 2010-11 fiscal year. New gifts and pledges totaled more than $36 million. The majority of the gifts and pledges benefit the endowment but also support the general academic operating budget and the physical plant such as the Colonnade. Gifts and income from endowments established previously provide more than 40 percent of the University's budget each year.
For the first time in Washington and Lee's history, more than 50% of its undergraduate alumni made a gift during this past fiscal year. Over 40% of law alumni made gifts in 2010-11. The total number of donors - including alumni, parents and friends - making a gift to the University this year increased by 3%.
"Having more than 50% of Washington and Lee's undergraduate alumni make a gift to the University is an historic milestone that we are very pleased to have reached," said Tres Mullis, executive director of university development. "It is a tangible indicator of the level of affinity and connection that we know alumni feel toward their alma mater. As the support of alumni plays a critical role in sustaining the University each year, maintaining broad participation at 50% and above is a high priority."Every gift received in 2010-11 counts toward the University's historic capital campaign, "Honor our Past, Build our Future." To date, W&L has raised $339 million of its $500 million campaign goal.
"As President Ruscio reminded us at the public launch of the campaign in October, ‘Our inheritance from the past becomes our duty to the future,'" commented Dennis Cross, vice president for university advancement. "Washington and Lee's alumni, parents, and friends showed once again this year that they want to support an institution and campus very important to them and are willing to give generously to support today's remarkable students, dedicated faculty and staff, and programs at the heart of a strong liberal arts and legal education built on integrity and character and relevant to personal and professional lives in the 21st century."