Campaign caps off with $214 million
After fundraising for five years, campaign makes an effort to bless students through scholarships and various improvements. | Jason Lin/THE CHIMES
After the completion of the five-year campaign, A Soul of Conviction, A Voice of Courage, Biola has surpassed their $180 million goal by reaching $214,184,605 to improve students' experience on campus.
An audacious amount
Donors had the option to give to five main categories, including maintaining student affordability, providing and improving facilities for learning, “influencing the world of ideas” through centers such as the Center for Christian Thought and Center for Marriage and Relationships, extending Biola’s global reach through technology and deferred gifts to ensure Biola’s continued future.
“It’s just been an amazing team to be a part of, an amazing opportunity to witness the miraculous hand of God just in our midst providing what we thought would be a pretty audacious dollar amount to raise in support of our students,” said director of advancement and donor relations Kira McCracken.
The campaign raised $82.9 million towards student scholarships and affordability, falling $2.1 million short of their goal. Scholarships were further separated into two categories of expendable and endowed scholarships. While expendable scholarships are available to be spent as soon as the money comes in, endowed scholarships are invested with the interest going towards scholarships. Donors also had the option to donate to specific groups of students, such as nursing majors or Torrey Honors students.
“A lot of the money has been spent as it's come in,” said vice president of university advancement Adam Morris. “The scholarship money, if it’s expendable that basically means the money is given by the donor with the intent that that money just be spent. So that money as it’s been coming in has been going back out in the form of scholarships.”
A work in progress
A total of $75.2 million has gone towards improving and constructing new facilities to inspire learning, $1.2 million more than the goal. This includes the fully funded Talbot East building and improvements to food venues and the Alton and Lydia Lim Center for Science, Technology and Health, which will continue fundraising to reach the $63 million until it is fully paid off.
Of the $214 million raised, $17.8 million went towards impacting the world of ideas, which greatly surpassed their original goal of $8 million. To extend Biola’s global reach, the campaign obtained $1.3 million. The campaign also raised $36.8 million towards Biola’s future in the form of deferred money, according to McCracken.
“$34 million [sic] of campaign income we raised, a good part of that money was in deferred giving, meaning that alumni, friends and supporters have indicated that they’re including Biola in their will,” McCracken said. “So that’s actually not money that we have cash in the door at this point, but it’s money that will come to Biola once they pass and so that accounts for the excess.”