Columbia University Shatters Previous Year's Donation Records On 10th Annual Giving Day

Upper West Side NY

22 October, 2021

11:53 AM

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Columbia Daily Spectator BY TALIA TRASKOS-HART OCTOBER 21, 2021 Columbia's 10th annual Giving Day on Oct. 20 was the most profitable in the event's history. It raised nearly $28 million through 21,359 donations, marking a roughly 13 percent increase in donations from last year. The fundraiser's success comes amid the University's extensive pandemic losses, which amassed $100 million in the 2021 fiscal year. The fundraising result coincided with the release of Columbia's 2021 financial statements on Oct. 21, which announced the endowment's unprecedented annual return of 32.3 percent and a new total of $14.35 billion. This rate of return represents a 487 percent increase from last year and echoes a broader shift toward high return rates this year among the Ivy League. Brown University, Harvard University, and Yale University all reported annual return rates on their endowments of over 30 percent. During the day-long online fundraising event, donors were able to choose from among 300 funds, which represent a wide range of schools, initiatives, and programs. Columbia College garnered the most donations, collecting over $3.76 million, followed by Columbia Athletics at $2.9 million, Barnard at $2.25 million, and the Law School at $1.8 million. Columbia College saw the most alumni participation, and Columbia Athletics reported the highest increase in donations from last year––a 44 percent increase. Giving Day funds can be spent immediately on tuition assistance and special projects in the schools and programs in which they are donated. They can help to fill gaps left by endowment funds, which involve more limits on immediate spending and are not targeted to specific schools. The amount raised this year was 310 percent higher than the amount raised on the first Giving Day in 2012. Columbia relies more on philanthropy and less on its endowment than other Ivy League schools, which makes Giving Day a particularly important source of revenue. In total, Giving Day makes up around 5 percent of the University's philanthropic income and 0.5 percent of the University's total operating revenue. "Columbia's students, faculty, and researchers are at the forefront of solving the most pressing issues across the globe, so support from our alumni, parents, faculty, staff, and friends on Columbia Giving Day continues to be essential," Christina Sebastian, senior executive director of Donor Relations and Broad-based Marketing, said. "The impact they have had when giving through Columbia each Giving Day for nearly a decade is remarkable." Staff writer Talia Traskos-Hart can be contacted at [email protected]. Follow Spectator on Twitter @ColumbiaSpec. Founded in 1877, the Columbia Daily Spectator is the independent undergraduate newspaper of Columbia University, serving thousands of readers in Morningside Heights, West Harlem, and beyond. Read more at columbiaspectator.com and donate here.