Less than a year into its historic capital campaign, Yeshiva University has already raised three-quarters of its $400 million announced goal. Initiated after a 1997 University-wide assessment projected a future need of $800 million, the incredible success achieved by the campaign has many wondering if the University set its sights too low.
Four years ago, then Chairman of the Yeshiva University Board of Trustees, David S. Gottesman, instructed Board member Morry Weiss to conduct a study to determine Yeshiva's monetary needs in each of its schools. In conjunction with university deans and select faculty, Weiss determined that in order to remain financially viable and solidify its footing as a top tier university, Yeshiva would need to raise $800 million in the near future.
However, instead of trying to raise the full amount, it was decided that the University's Capital Campaign should aim for $400 million. "Based upon previous conclusions, $400 million was realistic and this is what was recommended to the Board [of Trustees]," reported University Vice President of Development Daniel T. Forman. "The Planning Committee reviewed the needs and in November of 1999 the Board approved this number."
Though much of the fundraising has taken place over the course of the last year and a half, current Board of Trustees Chairman Robert M. Beren only announced the campaign this past May. "This initial period, called the Nuclear Phase, was done without publicity. Its [purpose] is to provide momentum and position the outlook towards our goal," said Forman.
Indeed, in the Nuclear Phase, Yeshiva managed to accumulate $275 million and Forman estimates that the number now stands at $300 million. Presently, it seems likely that Yeshiva will break its goal of $400 million. As Forman explains, "our hope is that we will raise as much as we can towards the ultimate goal of $800 million."
The current total is calculated based on money pledged to Yeshiva even though only a third of the amount promised to the University has been received. Forman attributes this to the aggregate nature of donations as a whole. "In most cases, when a donation is made it is spread out over a period of time, or given in installments," he explained.
Within the current tally, the largest gift was endowed by Wall Street financier, Michael F. Price, whose $25 million will underwrite the construction of the Michael F. Price Center for Genetic and Translational Medicine at the Albert Einstein College of Medicine.
Other notable donations include the endowment of the Jay and Jeanie Schottenstein Honors Program at Yeshiva College, which was actually dedicated in 1996. Although this gift was given a year before Morry Weiss initiated his examination of the University's needs, it is still listed along with other gifts as part of the capital campaign.
Campaign Chairman Ronald P. Stanton underscored that some gifts were included in the Capital Campaign because the University wanted to honor them as significant leadership gifts. Additionally, many donations were included in the total because with the installment nature of the actual money the "payments coincide with the campaign," Stanton explained.
Stanton believes that the funds raised by the campaign will enable Yeshiva "to do some things that we already wanted to do. It will enable us to add facilities and to enhance existing programs."
Of the campaign's $400 million, $50 million, will be allocated towards Yeshiva College. While the allotted amount may seem small in comparison to the $200 million being directed to Einstein, Yeshiva University Vice President of Academic Affairs Dr. Morton Lowengrub, does not "see this as a slight."
Dr. Lowengrub argues that since half of the University's annual budget is allocated towards Einstein, it is only logical that half of the Capital Campaign should be dedicated to the medical school as well.
Of the $50 million to be raised for Yeshiva College, the newfound capital will be used primarily in four ways. The first will be to increase the amount of scholarships offered. Yeshiva College Dean Norman Adler explains that Yeshiva College needs more financial scholarships not only for the students currently enrolled, as tuition continues to rise, but also as "a tool for recruiting students of the highest caliber."
Adler mentioned that another objective of the campaign is the endowment of additional faculty chairs, as well as increasing research opportunities for college faculty. The third goal of the portion of the campaign raised for Yeshiva College is the physical improvement of the Main Campus. This involves upgrading current classrooms, laboratories and other facilities. It also includes the construction of a new classroom and office building. However, currently there are no plans or studies examining the location or construction of a new building in the Uptown campus.
Finally, the capital campaign will provide for the building of a much-needed new dormitory. Though there are no concrete plans to build a new dormitory at this time, one portion of the campaign ensures that should the opportunity avail itself, Yeshiva would be able to construct new student housing on the Main Campus.
A planning fund recently endowed by Stanton, will serve as a bridge loan enabling the University to purchase and renovate a building even if a specific donor has not been found. Although this may appear risky, a similar method was recently employed when the University purchased Roberts House, the new undergraduate residence hall on 36th street, for Stern College.
The burden of financing a new dormitory will not be shouldered only by Yeshiva College. A portion of the funds raised by the Capital Campaign for the Sy Syms School of Business will go to fund the new dorm. Because a new student housing facility would benefit both uptown schools, it is clear that they will both share in the costs from their shares of the campaign funds.
The campaign goals for the Sy Syms School of Business are similar to those of Yeshiva College. They include the endowment of more faculty chairs along with increasing faculty research opportunities. The dedication of a separate honors program and new financial scholarships are especially in order to attract top students. "Certainly additional funding will enable us to attract high caliber students," explained Sy Syms School of Business Dean Dr. Charles Snow.
Like Yeshiva, Stern College is also slated to receive $50 million from the capital campaign. Although Stern College has already received an endowed Honors Program and purchased a new dormitory, there are still needs the campaign hopes to address. Notably, Stern College would like to upgrade all of its educational facilities with state of the art computers and other technologies. The campaign will also make way for a new cafeteria on the Midtown campus, currently planned for the new school building at 215 Lexington.
The $50 million figure however, is deceiving because many of the college's needs have already been met and thus, much of the $50 million has already been spent. For example, the capital campaign lists the acquisition and renovation of the school building at 215 Lexington Avenue as a goal of the campaign. 215 Lex opened in the Fall of 2000, however, and has been in use for more than a year. While this is may appear to be another example of the University wishing to honor certain "leadership endowments," many question if the real purpose of this is to simply pad the total amount of the capital campaign. However, University administrators insist that the inclusion of such gifts is standard operating procedure for any capital campaign.
While many of the needs of Stern College have been or will be met by the Capital Campaign, that is not the case with the Benjamin N. Cardozo School of Law. The school is scheduled to receive $25 million, however this will not adequately satisfy their needs which include a new Moot Courtroom, renovating the existing law library, wiring the school for Internet access and allocating $5 million towards financial scholarships.
Because their current allotment will not meet these demands, the law school is planning a follow-up to the Capital Campaign, which they hope will raise an additional $25 million. Forman concedes, "Cardozo needs help terribly and that is why they are planning a second phase of the campaign."
While Cardozo struggles to procure the funding that it so desperately needs, Einstein, the prized jewel in Yeshiva's crown, will receive half of the $400 million raised in the campaign to continue its leading research in the field of genetics. Currently, Einstein is the only New York-based medical school that is a key participant in the Human Genome Project, the national effort to unravel and map the genetic code.
The Center for Genetic and Translational Medicine, will allow the medical school to continue its current research and enable Yeshiva to participate in future phases of the ongoing project. Lowengrub believes that the new facilities will improve Einstein's national ranking and "in order to keep its excellence and embrace it, it is imperative that they remain involved in the science of the 21st century."
In addition to the genetics center, Einstein administrators intend to use the funds raised by the campaign to increase financial scholarships awarded to students, expand scientific and medical research projects, enhance fellowships for graduate students, engage faculty scholars in medical education, improve facilities, and create a state-of-the-art Student Skills and Training Laboratory.
Yeshiva's other graduate schools, the Ferkauf School of Psychology, the Wurzweiler School of Social Work, the Bernard Revel Graduate School of Jewish Studies and the Azrieli Graduate School of Jewish Education and Administration, will all receive $5 million apiece, mostly to increase scholarships and to endow additional faculty chairs.
Rounding out the proposed $400 million, Yeshiva's affiliated Rabbi Isaac Elchanon Theological Seminary will receive $25 million and Yeshiva University high schools will be allotted $5 million in total. The disbursement of finds exceeding the $400 million target remains unclear.
In a letter sent to Yeshiva's donors, outgoing University President Rabbi Dr. Norman Lamm summed up the essence of the Capital Campaign: "If we attain the excellence to which we aspire, Yeshiva University will help strengthen the Jewish community and make it much more impervious to the corrosive acids of assimilation and ignorance."