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Campaign blazes past $1 billion goal

By Bill Sublette

The Campaign for the University of Virginia has reached its $1 billion goal more than a year ahead of schedule, President John T. Casteen III announced today. The fund-raising effort was taken over the top by the largest gift in the University's history, a $60-million contribution to the Darden School from U.Va. alumnus Frank Batten.

Officially launched Oct. 6, 1995, with a target of $750 million, the campaign raised $350 million in its pre-kickoff phase. In February 1998, as the campaign's growing momentum pushed it beyond $670 million, the University increased the goal to $1 billion. To date, the fund-raising effort has received nearly $1.036 billion in gifts, pledges and deferred commitments.

"We began this campaign with the purpose of securing our centers of excellence and achieving a measure of stability and self-sufficiency in a time of reduced state support," Casteen said. "The campaign has made enormous strides toward fulfilling these goals, but more important, it has given us the confidence to think boldly about the University's future and to envision ways to build on what our donors have enabled us to accomplish."

Nearly 127,000 donors have taken part in the campaign, which has continued to maintain a strong pace. The 1998-99 fiscal year was the best ever for the fund-raising effort, generating $198 million in gifts and pledges. In that same year, the campaign passed its $100 million goal for future support, such as bequests and other estate gifts. Many donors have participated through annual giving, which in 1998-99 provided more than $18 million in unrestricted support for schools and programs at the University. The campaign is making its most visible impact on the University's physical environs. On the North Grounds, it has financed some 550,000 square feet of new and renovated buildings for the Law School and the Darden School. In athletics, it has made possible improved and expanded facilities for football, baseball, lacrosse, soccer and other sports. Full story.

Largest gift ever to a graduate business school
Alumnus Frank Batten Sr. gives $60 million to Darden for entrepreneurial institute

By Phillip Giaramita

The Darden Graduate School of Business Administration has received the largest gift ever contributed to a business school. The $60 million gift is from University alumnus Frank Batten Sr., the retired chairman of Landmark Communications Inc., an international media company whose broad holdings in electronic and print media include The Weather Channel in Atlanta and The Virginian-Pilot in Norfolk.

Announced today by Darden School Dean Edward A. Snyder, Batten's gift propelled the Campaign for the University beyond its $1 billion goal. The Batten gift brings Darden's campaign total to $180 million, well above its goal of $100 million, and increases the school¹s endowment by 37 percent.

Benefitting Darden's programs in entrepreneurial leadership, Batten's gift will have far-reaching economic impact in the United States and abroad, Snyder said. "It provides the resources to allow the school to be a powerful agent for the development of new sources and methods of value creation." Full story.