August 3, 2010
Contact: John Nash
FOR IMMEDIATE RELEASE
MUSC ends fiscal year with record $76.7 million in donations
Endowment posts 25 percent gain; capital campaign surpasses goal one year ahead of schedule
CHARLESTON, S.C. (August 3, 2010) – Philanthropic contributions to the Medical University of South Carolina grew 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.
The year’s contributions pushed the Medical University well beyond the goal of its $300 million Partnership of Promise capital campaign, which it publicly launched in May of 2008. As a result, the campaign came to a successful close a full year ahead of schedule and nearly 20 percent over its dollar goal.
University President Ray Greenberg said that the campaign’s success was especially notable in that it took place in spite of such adverse economic conditions.
“When we launched our capital campaign, we felt $300 million was an ambitious but achievable goal. Of course, at the time, none of us could have anticipated the economic downturn that would take place in the midst of that effort,” said Greenberg. “But nor could we have foreseen the incredible outpouring of support that would follow. There’s no way we could ever adequately thank people for that.”
Between July 1, 2004 and June 30, 2010, more than 37,000 people, businesses and organizations made nearly $355 million in gifts and pledges to the Partnership of Promise campaign.
These funds will enable the university to establish endowed chairs, build new facilities, provide scholarships and support programs that otherwise wouldn’t be possible under its current economic circumstances. All of these assets will place the university in a much stronger position to recruit and retain the best faculty and students in the country, thereby “raising all boats” at the university, said Greenberg.
“The Medical University is driven by the talent and dedication of the people who are here. So our goal is to recruit the most outstanding individuals we can find anywhere in the world and bring them to South Carolina,” said Greenberg. “Whether you’re talking about an endowed chair or a new research facility paid for with private dollars, all of these things are enticements in this very competitive marketplace that we’re in for the best talent. That, more than anything else, is what private philanthropy drives.”
While Greenberg was pleased with having exceeded the campaign’s financial goal, he said the true measure of its success defies quantification.
“In the final analysis, this campaign wasn’t about achieving a certain dollar figure. What it was really about was serving the population of students we educate and patients we care for. In that sense, there’s no way to effectively measure the full extent of the campaign’s success. Its impact is literally infinite because it will affect people’s lives in ways that we can only begin to guess, not just today but from this day forward.”
Also during fiscal 2010, the MUSC Foundation achieved a gain of almost 14 percent in its overall investment portfolio and nearly 25 percent in the value of its charitable endowment, which grew to $181.6 million.
At the end of the year, the value of the foundation’s total assets stood at approximately $346 million, about 16 percent more than the previous year’s ending balance. These funds are used to support approximately 1,200 academic, research and patient-care programs at the Medical University.
Founded in 1824 in Charleston, The Medical University of South Carolina is the oldest medical school in the South. Today, MUSC continues the tradition of excellence in education, research, and patient care. MUSC educates and trains more than 3,000 students and residents, and has more than 11,000 employees, including approximately 2,000 faculty members. As the largest non-federal employer in Charleston, the university and its affiliates have collective annual budgets in excess of $1.9 billion. MUSC operates a 750-bed medical center, which includes a nationally recognized Children's Hospital, the Ashley River Tower (cardiovascular, digestive disease, and surgical oncology), and a leading Institute of Psychiatry. For more information on academic or clinical services, visit http://www.musc.edu or www.muschealth.com.