Biola receives record $26 million in donations
Biola set a donation record this fiscal year, receiving a total of $26 million in donations.
Supporters gave 14,014 gifts in all, including six donations of $1 million or more, with the highest donation set at $7.9 million. This is due in part to Biola’s new five-year campaign.
“This is our first year going out to the donor community and talking about the university plan and Biola’s ambitious vision for the future,” said vice president of advancement Adam Morris. “We had exciting things to talk to the supporters about, and they responded very generously.”
The university is trying to raise money for student affordability, infrastructure of buildings, influencing the world of ideas and extending Biola’s global reach. Of these, the highest priority is for students. Approximately $2.5 million went to The Biola Fund, which provides scholarships to undergraduates.
Money allocated by donors
The rest of the money has already been allocated by the donors.
“Donors have the freedom to restrict a gift to an area of interest,” Morris said. “Often, donors are specific — they’re interested in [programs such as] nursing or business or Talbot.”
Deferred gifts, in which the donor wills Biola a certain amount of money after his or her death, totaled $16 million. Most of this money has been earmarked for scholarships, ccording to Morris.
Other donors included The Templeton Foundation, which gave $3 million to The Center for Christian Thought. Funds were also set up for students in Talbot School of Theology, mission ministries and nursing.
Fundraising for new buildings
A big component of Biola’s campaign is the new science building that the university is planning to construct, which will be called the Center for the new Science and Health. Plans are still in the preliminary stage, and the location will be adjacent to the McNally campus.
“There’s a lot of work going on behind the scenes while you’re anticipating a future groundbreaking date,” Morris said. “[Besides] the science building, we’re working on a renovation project for softball and adding some additional courts for our tennis program. A lot of work is being done on the scholarship side, but it’s usually a couple years into a campaign before you start to see major, visible progress. There’s a lot goingon, no doubt, which is exciting.”