|MUSC ends fiscal year with record donations
by John Nash
Philanthropic contributions to MUSC increased to a record $76.7 million
during fiscal 2010, despite adverse economic conditions and a national
decline in giving to nonprofits.
The 8.2 percent increase in giving to MUSC took place during a year
when overall giving to nonprofits nationwide declined 3.2 percent,
according to a report published by the Giving USA Foundation in June.
Also during fiscal 2010, the MUSC Foundation achieved a gain of nearly
25 percent in the value of its charitable endowment, which grew to
$181.5 million. At the end of the year, the value of the foundation’s
total assets (endowed and non-endowed) stood at approximately $344
million. These funds are used to support approximately 1,200 academic,
research and patient-care programs at the Medical University.
The year’s contributions pushed the Medical University well beyond the
goal of its $300 million capital campaign, which it publicly launched
in May of 2008. As a result, the campaign will come to a successful
close a full year ahead of schedule, with a total of almost $355
million in gifts and pledges.
“When we launched our capital campaign, we felt $300 million was an
ambitious but achievable goal. We never imagined exceeding our goal to
this degree, so far ahead of schedule,” said university President Ray
Greenberg, M.D., Ph.D. “The fact that the community would provide such
strong support, especially during such uncertain economic times, is
extraordinary. We are extremely grateful for this level of generosity.”
Greenberg said the campaign’s proceeds will enable the university to
provide scholarships, launch new patient-care programs and pursue
important scientific investigations that otherwise might not be
Friday, Aug. 20, 2010