NYU Kicks Off $2.5 Billion Campaign for NYU; Leadership Gift Provided by Six Trustees
New York University officially announced a seven-year, $2.5 billion fundraising effort, "The Campaign for NYU." The kick-off came this fall at a gala dinner attended by 450 donors, University leaders, parents, and faculty held at Cipriani 42nd Street. Renowned musician Billy Joel, a proud NYU parent, performed at the event.
At the gala, the University announced a signature campaign gift from the Tisch family of $50 million. The University also announced "The Partners Fund," $60 million from six trustees to trigger an intensive, five-year faculty hiring initiative.
Over the next four years, the campaign -- the University's largest -- will raise $1 million per day for scholarships and financial aid, faculty building, new academic initiatives, and enhancing NYU's physical facilities.
NYU President John Sexton said, "To have the privilege of being one of the world's great research universities is to carry an obligation to advance both the creation of knowledge and its dissemination. That is a task that is never complete. We do a very good job of it now, yet we are not content with our exceptional stature. The Campaign for NYU is an opportunity to leverage the success that has brought the University to this point, and to realize a bold vision for our continued transformation."
During the three-year "quiet phase," the campaign raised $1.1 billion; during the four-year public phase that runs through 2008, the campaign will raise the remaining $1.4 billion.
At the gala, the University announced the launch of a major faculty hiring initiative in the arts and sciences, "The Partners Fund." An accelerated element of the campaign, the Partners Fund will match $60 million in donations from a group of trustees with $150 million in University resources to enable NYU to hire 250 faculty over the next five years: 125 to replace those who leave due to natural turnover, and an additional 125 to increase the size of its arts and science faculty by 20 percent. At the end of five years, the Partners Fund will have created a new generation of arts and science faculty at NYU, totaling some one-third of the tenured and tenure-track faculty.
Sexton said, "NYU already possesses enormous momentum; we are one of the true success stories in higher education. The Partners Fund permits us to accelerate that movement, providing us with an opportunity to take a major, new step towards excellence. Our aspiration is nothing less than to make NYU the home for the next generation of intellectual leadership."