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MIT Hits Goal Early In Capital Campaign

By Jennifer L. Wong

Two years before its completion, the MIT Capital Campaign has already reached its original goal of raising $1.5 billion for the Institute. As a result, the MIT Corporation extended the campaign’s fundraising target to $2 billion at its meeting on Oct. 4.

“This demonstrates a deep belief on the parts of many individuals and foundations that what we do at MIT is really important,” said President Charles M. Vest.

This is the campaign’s second extension because of larger-than-expected donations. Originally, MIT officials discussed a $1 billion fundraising drive, but by the campaign’s formal kickoff in November 1999, the Alumni Fund Board had decided to increase the target to $1.5 billion.

The campaign has already raised twice as much money as the previous capital campaign, which amassed $710 million from 1987 to 1992. The current campaign’s $1.5 billion tally includes donations received since 1997.

Alumni support critical, Stata says

“The success of this campaign will be built on renewing the connection with those who know MIT best, her alumni and alumnae,” said Raymond S. Stata ’57, the campaign’s chairman.

“MIT has had an enormous impact on society and on people’s lives, and I see this campaign as a catalyst to enable MIT to make great things happen in the future,” he said.

Money to be spent on aid, Vest says

For the added $500 million, the “primary emphasis will be placed on financial aid at both the undergraduate and graduate level, the broad student life and learning agenda, and our capital projects,” Vest said.

“Our trustees endorsed raising the goal because they believe it is imperative that we maintain the momentum of MIT, especially during these financially challenging times,” he said.

“The Campaign will continue to seek support for the core needs of students, faculty and the infrastructure to support them,” Vest said. “The goal is simply to enhance and sustain excellence and innovation in education and research, and access to it.”