Donations to US colleges rebound - report
Bloomberg reported that mega donations to US colleges had rebounded this year. So far, institutions of higher education received 16 gifts amount to at least USD 50 million. This figure was two times the number received for the whole of 2012, revealing improved donor confidence in the improving economy.
The University of Michigan received USD 200 million from developer Stephen Ross. Cornell University, meanwhile, received USD 133 million from Qualcomm Co-Founder Irwin Jacobs and his wife. Georgetown University also got USD 100 million from Frank McCourt, the former owner of the Los Angeles Dodgers. Meanwhile, Harvard University has started a USD 6.5 billion capital campaign, the largest capital campaign undertaken among colleges and universities so far.
According to Bloomberg, the performance of the US stock market ties closely with donations received by institutions of higher education. At the height of the economic recession in 2009, gifts plunged to 8 from 28 in the previous year.