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It's true. We are embarking on a major campaign, one you might be tempted to consider "business as usual" at the university. It is not.
This campaign is about YOU.
At the heart of the Endowment Campaign for Indiana University Bloomington are the people of Indiana University. People like you define who we are and what we have to offer as an institution of higher learning.
Why endowments? In the past, IU could count on state and federal governments to provide funding for operations and some quality improvements, but that's no longer true. At the state level, other priorities are absorbing greater portions of public resources. In our latest annual report, President Brand noted that in 1979-80, the percentage of IU's operating budget that came from state appropriations was 46 percent. In 1994-95, that number dropped to 22 percent, and we do not expect it to rise again in the foreseeable future. There is no doubt that continuing IU's tradition of quality will require more help from the private sector.
Rather than lament this trend, we choose to adapt. One way is to strengthen the university' endowment base. By their very nature, endowments offer steady, reliable income: an amount of principal is invested for long-term growth. Earnings over a certain amount -- usually 5 percent -- are channeled back into the fund to keep it healthy and growing. A well-managed endowment can generate income indefinitely.
Since the beginning of our campaign efforts in 1995, more than 40 endowed positions have been added to the Bloomington campus. Some schools -- such as Education; Health, Physical Education and Recreation; Music; Library and Information Science; and the IU Libraries -- were able to name endowed chairs for the first time. Others are enhancing graduate and undergraduate support to levels that make it meaningful to today's students.
One of the most satisfying elements of this campaign is the participation by faculty and staff. Already, more than $13 million has been committed by your peers. An effort is underway to solicit each member of the faculty for the campaign. The faculty co-chairs are Susan Gubar, English, Gary Hieftje, chemistry, and Norm Overly, Education (See page IV of today's special supplement). They have signed on volunteers from a majority of the units and departments on campus to help us with this effort.
President Brand and the legislature have been active in encouraging endowments that support our faculty. For example, an endowment matching program for faculty chairs and professorships has helped to generate several million dollars for new endowments. Our goal is to establish 100 new chairs and professorships by the end of the campaign in June 2000 -- quadruple the number that existed before the campaign.
How are we doing so far? Toward our goal is $350 million, we are over $230 million at this point. That's good, but we're not done yet.
Truly this is not "business as usual," but an exciting time for all of us.
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