The University of Arkansas announced on Thursday that it has finished the 2016 fiscal year with $131.6 million in private gift support, surpassing its $115 million goal and making this year the third best in its fundraising history.
That amount includes cash, in-kind donations, planned gifts and new pledges the university received between July 1, 2015 and June 30.
"We are gaining momentum as we draw closer to the public launch of Campaign Arkansas, and excitement is growing," Mark Power, interim vice chancellor for university advancement, said in a news release. "These contributions will enhance everything from academic and need-based scholarships, technology enhancements, new and renovated facilities, undergraduate, graduate and faculty research, to study abroad opportunities and other innovative programs."
Campaign Arkansas is the U of A's capital campaign that seeks to continue the transformation started by the billon-dollar Campaign for the Twenty-First Century. It is in the organizational phase and will go public in September.
"Private gift support continues to be critically important to our campus as it adds to the academic opportunities available to our faculty, staff and students," Chancellor Joe Steinmetz said in the release.
Approximately $19.2 million of the total amount raised in the 2016 fiscal year, or nearly 15 percent, was allocated for endowed funds.
Cash receipts, which included pledge payments, outright gifts and estate and planned gift distributions, reached $103.5 million. The U of A brought in a record-setting 98,464 outright gifts and new pledges from 52,737 benefactors.
Steinmetz said in the release that the university's inaugural "All in for Arkansas" giving day held this spring created excitement about philanthropy and let donors know that gifts of all sizes make a difference.
Gifts from individuals made up nearly a third – 32 percent – of the total raised during the 2016 fiscal year. Another 35 percent came from corporations, while 26 percent came from foundations and 7 percent came from other organizations, including trusts and estates.
All private gifts to the university are designated and allocated for specific purposes set forth by each donor and used solely for those purposes. Support for students and programs accounted for 41 percent of the money raised, 41 percent provided for capital improvements, 12 percent supported faculty and staff and 6 percent supported other initiatives.