October 20, 2006
Mike Stepanovich, 661/654-2456, email@example.com,
or Jaclyn Loveless, 661/654-2138, firstname.lastname@example.org
California State University, Bakersfield enjoyed its most successful philanthropic year in the university's history during the 2005-06 academic year, university officials announced today.
All told, CSUB received $7.28 million during the year ended June 30 from charitable gifts and pledges, breaking the old record by more than $2 million. The previous annual record for philanthropic support was $5.1 million that occurred during the university's Cornerstone Campaign that raised $14.1 million between 1998 and 2001.
Of the total, more than $5 million was in charitable gifts, with another $2.27 million in new pledges. Some 56 percent of the total, or $4.08 million, went for scholarship endowments and academic programs, while nearly $3.2 million was earmarked for the NCAA Division I move. (The fundraising totals for the Division I campaign currently have passed the $4 million mark.) The university's endowment increased by $2.7 million during the year to $10.32 million.
Programs benefiting from the community's generosity included student scholarships, student research opportunities and other academic programs.
"We're delighted by the community's support for the university and all its programs," CSUB President Horace Mitchell said. "People recognize that an investment in CSUB is an investment in their future. While the state provides money for CSUB to be a good university, it is support such as this that will provide the means for CSUB to become a great university."
"This affirms the commitment the community has for CSU Bakersfield," said Michael Chertok, vice president for University Advancement. "The visionaries who worked so hard to get a CSU campus here anticipated a broad level of community support. That support was never so much in evidence as it was last year. We're very grateful to those who are helping provide the means for CSUB to achieve its goal of being the best campus in the CSU system."
Mitchell said the higher level of support meant more students would be able to have access to a university degree. "People who might not be able to afford a college education are enrolled today because people in the community cared enough to add to the university's growing endowment. In a region where we are working so hard to boost the college-going rate, this is enormously important.
"When we think of great universities, those that have achieved a quality of excellence in service and in teaching and learning, inevitably it is those institutions that are beneficiaries of large endowment funds. Endowment funds are permanent funds where the principal is held in perpetuity and the earnings provide a steady stream of funds year after year. It is that consistent source of funding that enables a university to attract and sustain excellence."
CSUB's endowment grew from $7.2 million to $10.2 million during the 2005-06 fiscal year. "Our goal has been to have an endowment fund equal to $2,000 per full-time-equivalent student," Chertok said. "The proceeds from realized bequests and the full funding of CSUB's first endowed chair will bring us very close to that goal by the end of December 2006."
New major advancement funds established in 2005-06 are as follows:
- John and Angelina Bertano Scholarship Endowment Fund
The Bertanos were long-term residents of Bakersfield who valued education and supported students who needed financial assistance to continue their education. That endowment fund is nearly $400,000.
- Robert and Edith Cochran Chair of Gerontological Nursing
Audrey Cochran, who was the second graduate of CSUB's master's in nursing program, along with family and friends, have established an endowed chair in gerontological nursing as a memorial to her late husband, Robert Cochran, and mother-in-law, Edith Cochran. When fully funded, it will be supported by an endowment of $1 million.
- Fred and Beverly Dukes Scholarship Endowment Fund
Fred and Beverly Dukes, who were former educators, established an endowed scholarship fund at local community colleges and CSUB for students studying to become teachers. The Dukes contributed more than $350,000 to the university.
- Dorothy Jane Jones Scholarship Endowment Fund
The CSUB Foundation received a distribution from the Dorothy J. Jones Trust in the amount of $750,000. Combined with a distribution after the reporting period brings the total distributed to date to $1.25 million. The endowment fund will support scholarships for students preparing to become teachers.
- Lorraine West Scholarship Endowment Fund
Lorraine West, a founding faculty member of CSUB's School of Education, left $175,000 to the university to be used for scholarships for students in the School of Education. West, professor emeritus, joined the California State College Bakersfield faculty in September 1970, when it first opened its doors. She taught courses in the elementary teacher education program, specifically language arts and social studies.
For more information, please call CSUB University Advancement at (661) 654-2136.