Carolina First campaign brings in $2.38 billion

In a recent State of the University speech, Chancellor James Moeser described private funds as the fuel that propels a university to greatness.

With the close of the Carolina First Campaign, which raised a record $2.38 billion over the past eight years, the University has surpassed expectations in that quest.

“This campaign shows that we have not gone from good to great; we have gone from good to pre-eminent,” Moeser told the Board of Trustees at its Jan. 24 meeting.

Not only did Carolina First set a University record, it was also the fifth-largest completed campaign in higher education and the largest completed fundraising drive at a university in the South. A $9 million pledge to the School of Pharmacy from Fred Eshelman of Wilmington pushed the campaign to that historic mark. (See related story on page 2.)

“The campaign’s success attests to the tremendous leadership of our volunteers and the hard work of so many of our faculty and staff,” Moeser said. “Thanks to them and our donors, Carolina First has provided us with a margin of excellence that will enable us to be of even greater service to our students, as well as citizens here in North Carolina, across the nation and around the globe.”

Carolina First, which supported Carolina’s vision to be the nation’s leading public university, began July 1, 1999, and ended Dec. 31, 2007. The original $1.8 billion goal was raised to $2 billion in October 2005. Last February, a $50 million pledge from Dennis Gillings, chief executive officer of Quintiles Transnational, and his wife, Joan, to support the School of Public Health pushed the campaign past its goal.

Each professional school and unit exceeded individual goals as well. The campaign also boasted yearly records for commitments ($363.6 million), including pledges, and gifts ($250.8 million), both set in fiscal year 2007.

The final $2.38 billion raised included:

  $419.5 million for faculty, including 208 new endowed professorships, eight more than the goal;

  $345.2 million for students, including 577 new merit and need-based scholarships and 196 new graduate fellowships;

  $579.7 million for research;

  $654.7 million for strategic initiatives; and

  $184.2 million for facilities.

Nearly every publicly funded building now includes private support as well, Moeser said.

“The success of this campaign exceeded all our expectations, again and again,” said Paul Fulton, co-chair of the Carolina First Steering Committee and member of the Board of Trustees.

The campaign received contributions from more than 193,000 donors. The single largest donor was the William R. Kenan Jr. Charitable Trust and related Kenan entities and family members, who combined to commit $69.9 million.

Overall, about $860 million (36 percent) came from Carolina alumni, $894 million (38 percent) came from corporations and foundations, and the balance from friends of the University and other organizations.

“The amount of participation shows the depth and breadth of love for Carolina, and the realization that new levels of excellence were well within our reach,” said Steering Committee Co-chair Charlie Shaffer.

Carolina First raised more than $960 million in gifts and pledges for the endowment. Gifts, which accounted for more than $500 million of that total, combined with returns earned by the UNC Investment Fund, have helped to raise the endowment’s value to $2.2 billion.

The campaign increased emphasis on private fundraising, said Steering Committee Co-chair Mike Overlock. “If we want to compete with the best private colleges and universities, we cannot rely on state resources alone to meet our needs,” he said.