01 Dec 2002
The Campaign for Harvard Business School
HBS Giving at All-Time HighRe: Joe O'Donnell (MBA 1971); Cathy Paglia (MBA 1976); Bob Higgins (MBA 1970)Topics:
Two years into The Campaign for Harvard Business School, there is notable success to report. Giving to the School is at an all-time high annual and reunion gifts and pledges topped $94 million in fiscal 2004, as more than 12,000 alumni and friends made gifts to HBS, many for the first time.
Historic in many ways, the campaign is enabling work that is essential to the Schools core purposes: transformative teaching in both MBA and Executive Education classrooms; deep research to impact business practice; and the dissemination of ideas and business concepts that strengthen the teaching and practice of management worldwide.
The influence of the campaign is already visible throughout HBS, from Spangler Center to Hawes Hall to the Rock Center for Entrepreneurship.
The campaign has also raised significant unrestricted funds to support student financial aid, technology, and research, among other priorities.
At $475 million (as of June 30), the campaign is close to its initial dollar goal, but definitely not over. Several campaign initiatives have not reached their target numbers, including fellowship funds for HBS students.
Results by Campaign Priority
(As of June 30, 2004; in millions of dollars)
||Raised to date
|Attracting the best students
|Deepening the learning experience
|Attracting and developing faculty
|Increasing global impact and outreach
|Renewing the residential community
*Total includes undesignated and unrestricted gifts, as well as planned gifts at present value
Stamps Gift Supports Baker Reading Room
A recent campaign gift of $12 million from the charitable foundations of E. Roe Stamps IV (MBA 74) and Penelope W. Stamps will help cover the cost of the renovation and restoration of one of the Schools most important assets, Baker Library. Additionally, the Stampses have made a current-use gift of $1 million for student fellowships.
Penny and I are extremely impressed with what Dean Clark and HBS are doing. We are pleased that we can contribute to the Schools continuing success, said Roe Stamps, who in 1984 cofounded Summit Partners, a venture capital and private equity firm that has raised over $5.5 billion in capital and invested in more than 250 businesses.
Baker Library, one of HBSs original buildings, has long been considered the intellectual center of the School. In the summer of 2003, the School began an extensive renovation of the building, which will reopen as the Baker Library Academic Center next summer. The new center will provide enhanced access to the librarys resources to scholars around the world and will include much-needed faculty office and gathering space, as well as study areas for students.
As part of the renovation, special attention will also be given to restoring and refurbishing the librarys historic lobby and reading room to their original grandeur and to preserving Bakers extensive general and historical collections of books and periodicals in two new underground floors of environmentally controlled stacks. In recognition of this extraordinary gift, the reading room will be named in honor of the Stampses.
Advisory Board Boosts Fellowships
Once applicants have crossed the substantial hurdle of gaining admission to HBS, the vast majority must then begin to focus on their next major challenge: how to finance their education. HBS offers need-blind admission, and nearly 80 percent of MBA students qualify for financial assistance in the form of fellowship grants or loans. The need is increasing.
The campaign has targeted $100 million 20 percent of the total goal to attract the best students and increase MBA fellowship funds. Despite the fact that over the past ten years HBS has dramatically increased its fellowship budget, awards have not kept pace with the cost of living, and student debt is rising steeply. Last year, nearly half of all MBA students received support from fellowships need-based grants applied directly to their costs. The average fellowship grant for members of the Class of 2003 was more than $18,000, but the average debt for students receiving financial aid was close to $75,000.
To address this challenge, the School has invited nearly forty alumni to join a Fellowship Advisory Board. Having taught in the first year of the MBA Program over the past few years, I witnessed the impact of our scholarship program every day. Alumni support for fellowships is critical, says Bob Higgins (MBA 70), a senior lecturer at HBS who cochairs the advisory board along with Joe ODonnell (MBA 71), Cathy Paglia (MBA 76), and Steve Waters (MBA 74).
Fellowships enhance the diversity of the student body, a crucial aspect of the HBS experience, and enable graduates to choose from a wider range of career options. Making HBS accessible to the broadest range of future leaders is critical. Fellowships ensure that we will continue to attract students with outstanding leadership potential, says Dean Kim B. Clark. As our new graduates embark on their careers, we need to help them focus on their ambitions and aspirations rather than on the repayment of heavy debt.
Campaign Regional Events
Once again this year, HBS will be hosting events throughout the country to showcase the Schools intellectual capital and highlight the impact of the campaign. Each event will include a presentation by an HBS faculty member. Watch for details.
- Atlanta* November 10, 2004
- New York* November 30, 2004
- Houston January (tbd), 2005
- San Francisco* February 1, 2005
- Los Angeles February 2, 2005
- Chicago* March 16, 2005
- Seattle* March 29, 2005
- Washington, D.C. April 21, 2005
*The HBS Volunteer Conference will be held in conjunction with events in these cities.
Class of MBA 1974, Section A