Campaign target approved

$165 million to be raised over 7 years for faculty, students, science

Oberlin should start talking about its finances in scientific notation.

The Trustees approved the proposed goal of the Capital Campaign of $165 million in their quarterly meeting last week. Those funds will go to fund buildings, faculty positions, student financial aid and other projects.

A volunteer committee overseeing the campaign recommended a campaign agenda to the Trustees that included their target goal and a general allocation scheme for the funds raised.

The campaign is centered around three points: the Science Center, professorships and scholarships. "The campaign will not be successful if we cannot reach these targets," Hayes said.

A large part of the campaign involves expanding the size of the endowment. Within the $75 million targeted for the endowment, faculty are allocated $30 million, which includes adding 10 endowed faculty chairs, and students are allocated $27 million for financial aid and scholarships.

The much anticipated Science Center will be allotted a $20 million chunk of the total facilities allocations of $40 million.

"All of these are subject to change, but they are not likely to change," Campaign Director John Hays said. A significant event would have to occur for much alteration in how these gifts are allocated or how much is targeted to be raised.

"We are following the $165 million line almost precisely," Hayes said. Thus far the Campaign has raised $16 million for the endowment, $6 million for facilities, $8 million for current use and $9 million with a "designation pending." These funds will be allocated to projects later in the campaign.

The campaign is currently in a "quiet phase." Fund-raisers are actively contacting traditionally supportive donors, asking for pledges or contributions. The theory is that after the friends of Oberlin have given a substantial amount of money, the campaign will go public and those being asked for contributions will be influenced by their friends' strong support of the campaign.

The campaign should be rising in visibility over the seven years that it runs. Currently it is in its second year. "By the time this is made public, this will be the worst kept secret in the world," Hayes said.

A massive attempt to reach all the alumni will be the crux of the campaign. Approximately 3,000 alumni, parents, friends and foundations have been identified as being generous to the College and are being asked for a special contribution of $25,000 or more. Some of these are being contacted within the quiet phase.

Hayes said about 80 percent of the revenue comes from 20 percent of the donors. Many of the alumni will be contacted in their reunion year and all alumni will be asked to contribute.