LAS VEGAS - November 5, 2009 - University of Nevada, Las Vegas (UNLV) President Neal Smatresk announced today the university has surpassed the $500 million goal of its first-ever capital campaign. The Invent the Future campaign, an ambitious fundraising effort spanning eight years, brought an unprecedented level of private support for scholarships, fellowships, endowments, academic programs, facilities and other initiatives that contribute to enhancing the university's academic reputation.
"It is extraordinary that an institution as young as UNLV could achieve such an audacious goal," said UNLV President Neal Smatresk. "I credit our donors for believing in UNLV and our vision. Like a relay race, the baton has been passed from hand to hand and I am fortunate to be the one holding it as we cross the finish line but the thanks goes to everyone who contributed, large and small, to reach this amazing milestone."
The following are among the recent gifts that helped the campaign exceed its goal:
o A $12.625 million donation from the Engelstad Family Foundation creating an endowment to fund 100 annual student scholarships in perpetuity.
o An irrevocable estate gift from Mel and Ruth Wolzinger of $15 million that will ultimately fund scholarships for 250 students per year.
o A $1 million pledge from UNLV's first student body president, Jon Cobain, in support of UNLV and the Black Mountain Institute.
o A $1 million commitment each from Bill Paulos and Bill Wortman, who are UNLV alums and business partners in Cannery Casino Resorts, to support athletics initiatives.
o A $1 million gift from a 1999 graduate of the Harrah Hotel College (who wishes to remain anonymous) in support of initiatives and program within the college.
"I am very pleased and proud that UNLV has surpassed its $500 million goal," said Don Snyder, co-chair of the Invent the Future campaign. "And to make it happen in challenging economic times is incredibly gratifying. A huge thanks to the UNLV alumni and our wonderful community of donors for helping to create a better future for students and our campus."
Private donations have become increasingly important to UNLV, as the level of state support for continues to be influenced by current economic conditions. However, private support cannot be used to fill shortfalls in state funding for higher education. A majority of donors designate their monies for specific purposes in an effort to provide the additional resources necessary to improve student financial aid, develop superior research-intensive academic programs, and attract top faculty and students. UNLV enters into signed agreements with the donor to assure their monies are spent as they intend. Accordingly, private support constitutes a level of excellence above basic state operational funding that moves the university closer to its goals.
Approximately 75 percent of the monies donated in the capital campaign have been expendable gifts - contributions that can be and were utilized in their entirety in the fiscal year they were donated. The other 25 percent of gifts have been directed to endowments that generate investment income, or are expected in the future through estate commitments.
The Invent the Future campaign officially began on January 1, 2002. An initial silent period (typical of university capital campaigns) was followed by a public phase, which began September 15, 2005. The campaign will conclude on December 31, 2009.
For additional information, please visit http://campaign.unlv.edu.
