USC Raises $641.5 Million in 6-Year Drive

USC has ended its six-year fund-raising campaign with a total of $641.5 million in donations and pledges, about $84 million more than the school’s original goal, officials are to announce today. The campaign to finance new buildings, increase endowment and fund teaching positions and scholarships was one of the most successful such drives in American academia.

According to USC President James H. Zumberge, about $557 million is already in hand and the remaining pledges would be collected over the next few years. Officials estimate that about 8%, or $51 million, was spent on the fund-raising effort itself, including salaries and parties.

The largest donations came from Walter Annenberg, the former media magnate and U.S. ambassador to Great Britain, who gave a total of $28.2 million. The USC communications school is named after his family. His daughter, Wallis, is a USC trustee.

However, despite the campaign success, USC is entering difficult financial times because of an expected 12% drop in freshman enrollment. School officials say that most of the donations are promised for specific building and scholarship funds and cannot be used to cover the loss of tuition revenue.

Among other things, the drive will fund eight new campus buildings, establish new programs in neurosciences and urban planning and endow 41 faculty positions.