UW's fundraising nears $2 billion goal ahead of schedule

The University of Washington is on target to reach its ambitious fundraising goal of $2 billion more than a year earlier than planned.

The eight-year drive to raise the money through grants and private donations was set to expire in June 2008. But the UW Foundation has already raised more than $1.8 billion. Should it keep up that pace — raising nearly $25 million every month — the target would be reached by March.

The UW may decide to stick to the original schedule and increase its target over $2 billion. At the current fundraising pace, that would add an extra $367 million by June 2008. The UW has yet to announce how it intends to revise the campaign goals in light of its success.

"The campaign is going gangbusters. People are contributing in extremely generous ways. We are just thrilled and delighted by the response in the community to this effort," said UW spokesman Norm Arkans. "It's just spectacular."

The UW's campaign is one of the largest ever undertaken by any university.

The money raised so far comprises 54 percent gifts, typically from alumni; 35 percent grants, typically from charitable foundations; and 11 percent pledges, such as those given by alumni who promise to donate an estate at the time of their death.

Many of the gifts come with strict instructions on how the money can be spent.

Arkans said about $1.4 billion raised so far is earmarked for near-term projects. That includes new buildings, new programs such as the recently launched Department of Global Health, and scholarships and income for students and faculty.

The other $400 million will go into the UW's endowment, a permanent pot of money that is invested. The UW is able to spend the interest from the endowment each year — about 5 percent of the total — on a variety of programs.

Nick Perry: 206-515-5639 or nperry@seattletimes.com