CSU on pace for second-best year in fundraising | VailDaily.com

CSU on pace for second-best year in fundraising

Associated PressVail, CO Colorado

FORT COLLINS, Colorado Colorado State University is on pace for its second-best year in fundraising.CSU officials said last week they expect to have raised about $72.8 million this fiscal year, which ends June 30. The university raised $94.9 million in fiscal 2006.This year has shown us the power of private giving to our public university. Our fundraising will exceed last years by 35 percent and will be the second best year in CSUs history, said Joyce Berry, vice president for Advancement and Strategic Initiatives for Colorado State University, in a written statement.By comparison, the University of Colorados fundraising arm last week reported more than $133 million in donations last year and expects to beat that this year.Colorado State Universitys fundraising news came as two credit rating agencies criticized the school for failing to raise more money from alumni and other donations.That criticism came out last week as CSU went to Wall Street to borrow $81 million to build a dorm, parking garage and student recreation facilities. As part of that process, the credit rating agencies Moodys Investor Services and Standard & Poors noted that while CSU is financially healthy, its lack of significant fundraising could be holding it back from a better credit report and lower interest rates.However, Moodys analysts approved of CSUs efforts to boost enrollment among out-of-state students who pay more tuition and noted that the university was beginning a capital fundraising campaign.CSU President Larry Penley has vowed to improve the universitys relationship with alumni. CSU System Chief Financial Officer Rich Schweigert said having more funding from alumni would significantly improve the universitys financial standing.It was not immediately known how many donations this fiscal year came from alumni.CSU has other sources of income. It has boosted its reliance on federal research dollars, has raised tuition and fees, and has begun borrowing heavily to improve campus facilities.This year, CSUs endowment transferred $24 million in funding from investments to the university.

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