Published Thursday Aug 16, 2018
University officials announced that more than $12 million was raised in the recently completed 2017-2018 fiscal year.
This is the third-highest fundraising year for the university. The top spot is held by 2016 with $22.5 million, followed by last year’s $13.4 million.
“As we move into a new academic year, it is important to look back and see what we accomplished to help students,” said Tennessee Tech President Phil Oldham. “This year, more than $7 million was raised for student scholarships, including $1 million from cash giving. These gifts will have a positive and immediate impact on the lives of Tech students.”
Donors committed $12 million in the fiscal year ending June 30. The total includes cash, pledges, stocks, gifts-in-kind and $6.3 million in new planned gifts.
Cash and stock gifts to the university totaled $3.1 million.
Of the total giving, 96 percent is restricted in what it can be used for by the donor. For example, if a donor specifies that funds can only be used for mechanical engineering scholarships, those funds are considered restricted and are not available for other university needs.
The university received 6,882 gifts from 4,990 donors, 71 percent who are alumni.
“We are grateful to the donors who support Tennessee Tech and our students,” said Kevin Braswell, vice president of University Advancement. “Each year, they continue to help us in creating the Tennessee Tech of tomorrow.
“That fact that we see so many people making the university part of their estate plan is especially gratifying because it demonstrates how dearly they hold Tech in their lives,” Braswell continued.
Planned giving, which accounted for 52 percent of the total giving, is where donors provide for long-term needs of the university and its programs through estate planning, bequests and charitable trusts.
At the end of the fiscal year, the amount raised for the Tennessee Tech Tomorrow campaign was $52.8 million. The campaign, which began in 2016 and will run through 2021, has a $60 million goal and is centered around the building of the Tennessee Tech of the future, with three focus areas: student scholarships, faculty and facilities.
According to Braswell, donors give to Tech because they believe in the university and its mission. As for alumni, they are grateful for the education they received and the experiences they had at Tech and wish to give back.“The fact that so many people are joining us in building the Tennessee Tech of tomorrow is exciting,” Oldham said. “I am grateful to each and every one of the donors for what they do for our students.”