President Charles Steger announced the university's goal of $1 billion on Oct. 20, 2007. As of July 31 of this year, the "Campaign for Virginia Tech" had raised $690.1 million.
"We're satisfied," Michael Kiser, communications director for the campaign, said. "We're in a good place. We have a lot of work to do still."
In fact, funding is "marginally ahead of schedule," Kiser said.
If the campaign does not reach its goal by December 2010, Kiser said it's common practice for campaigns to extend the deadline. However, Tech will address that problem if it arises. Kiser also warned against fixating on just the dollar goal.
"When people think about the campaign, they tend to focus on the dollar goal," Kiser said. "Clearly that's important, but that dollar goal is sort of defined by what it can accomplish. It's not just about how quickly can you raise a billion dollars."
Tech aims to use the money from the campaign to add to its libraries, enrich the graduate programs, and also give to the arts initiative and athletics program. The money will also be used to build new facilities, and, among other goals, add to the president's discovery fund.
According to John Lawson, a co-chair of the campaign, Tech hired consultants who have helped with other $1 billion campaigns to work with the campaign during the feasibility study. They advised that an $800 million goal was attainable, but the university decided to aim higher.
"The fact is we need to grow our endowments substantially in order to compete with other universities," Lawson said. While he said the goal was a "stretch," he added that the university is on track to reach it.
"I personally feel like everybody has the obligation to give back within their means," Lawson said, adding that it also makes donors feel good, and he would know. Lawson has donated over $10 million to Tech. As a leader on the Campaign, he said he felt the need to set an example for others. He sees it as immediate change to the university. As a Board of Visitors member, he watches Tech's progress closely.
"The university is so large and diverse, and there are so many strengths that we have, and also needs that we have," Lawson said.
He added that donors could give to the area of the university where they want to see change. As a businessman, he needs good graduates to build his company, W.M. Jordan Company, Inc., so he has donated to the construction department, as well as the engineering and athletics departments.
"There are lots of ways to have an emotional tie to your alma mater," Lawson said.
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