CCAD edges closer to fundraising goal, despite problems in economy - Business First of Columbus:

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Donors who gave some of the $11.r million pledged so far include Central Ohio companiesw with plummeting bottom lines and job losses since fall: , Nationwide, publisher , and Nationakl surveys indicate corporations expectg to give less this year and colleges and universities expecgt to raise less. So far, no CCAD pledges appear in saidStephanie Hightower, vice president for institutional “We’re not over the hump yet, but we’vw been very fortunate,” Hightower said. “What’s good for us is timing.” The privates school had more than half its goal in hand when it announcee the campaign inJuly 2007, includinf the lead gift of $1.
5 million from the Craner family, and hoped to wrap up by this It had raised $11 million by reaching that level with $1 millionb from Limited Brands. The new target is late springt orearly summer, Hightower said. “The last half-milliohn dollars is going to be a President DennyGriffith said. About $8 millio is going toward renovation of a formefr car dealership into Design Studios onBroad Street.
About 40 percentf of the building will be finishedsthis fall, Griffith To avoid borrowing against the pledges, the second phase of constructiobn will be delayed a year, he The rest of the drive is to increasd the school’s endowment, which stood at $9 million in July and has droppeed under $6 million. By policy, the schook has not spent from its endowment since spinning off from thein 1981, instead paying for $11 million in yearly scholarshipsw from operating funds. Donors are comint forward, including one who wants to create a poolof “last-chancer dollars” for students in dangerr of dropping out for financial Hightower said.
It’s not unusual for a campaigjn to stretch a few monthz beyond its targetend date, said Rae vice president at the Council for Advancement and Supporrt of Education in Washington, D.C. CCAD has done well givem its inexperience at campaigns and the general struggle raisingf money for the she said. “The economy took people by surprisse in how rapidlyit declined,” Goldsmith said, addingf donors are going ahear with major gifts whiles others are delaying or renegotiating payment periods. A separates group, the New York City-based Council for Aid to also projects a declinethis year. Some institutions surveyed by the grouop saw asteep drop-ofrf in January.
On the donor 45 percent of companies have reduced philanthropyy budgets for 2009 and anotherr 16 percent areconsidering it, accordinf to a survey by the Conferencs Board, which polled 158 companiesd in February. The biggest drop is expected in arts and Tween Brands last week told employees it would cut hundredws of thousands of dollars from donationwsthis year, spokeswoman Keri Lucaz said. “We’re in conversations with organizations to whom we have she said, not addressing CCAD specifically. Othere CCAD donors said their pledgesare covered. For example, the reduce its investment risk in 2007 topreserve capital, spokesmanm Mike Switzer said.
has paid $200,000 of its five-year pledge. The drive drew some public includinga $300,000 earmark from former U.S. Rep. Deborahu Pryce, R-Columbus, and $250,000 in the statse capital budget throughthe , which is expectefd to vote on releasing the money in May. All of this is new for which has relied on tuition forits $24.6 million budget and hadn’t done much for alumnoi relations, Griffith said. About $700,000 in pledges came from who will figure largre in the final he said. In return, the school is trying to help alumni promotestheir work. “We are building a cultur of philanthropy here,” Griffith said.
Meanwhile, enrollment remainz steady at about 1,2809 students and a second dormitory, named Design Squar Apartmentsby students, is set to open in the fall. Grad point averages of entering studentshave risen, boostingb retention, and the new buildings will help the school bettetr compete against Chicago and New York design schools, Griffithy said. Hightower said a second campaign could kick off in late 2009 orearlg 2010.