July 29, 2008
FOR IMMEDIATE RELEASE
MUSC sets new milestone with over $67 million in philanthropic support
CHARLESTON, S.C. (July 29, 2008) – The Medical University of South Carolina achieved a record level of philanthropic support last year, with over $67 million in gifts, pledge payments and new pledges received during fiscal 2007-2008, according to figures released today by the University’s Development Office.
Between June 30, 2007 and July 1, 2008, the Medical University received more than $67.4 million in contributions, exceeding the previous year’s total by 5.4 percent and outpacing the national growth rate of 3.9 percent reported by nonprofits last calendar year, as reported by the Giving USA Foundation.
The largest portion of last year’s contributions to the university (more than $35.1 million) came in the form of gifts and matching funds from foundations and nonprofit organizations. More than a third (almost $24.4 million) came from individual benefactors, including patients, alumni and other supporters. Businesses and corporations contributed $7.7 million, accounting for over 10 percent of all funds.
For the third consecutive year, the university achieved two significant fund-raising milestones: a record number of donors (12,312) and a record number of gifts (19,929), surpassing the previous records by more than 11 percent and 9 percent respectively. The two increases are significant because they indicate a growing base of support at a time when the Medical University is conducting a $300 million capital campaign, said university President Dr. Ray Greenberg.
The Medical University launched the public phase of its campaign, called “A Partnership for Promise,” in May 2008 in response to a growing need for private funds, which have come to play an increasingly important role in supporting the public institution’s academic, patient care and research activities, said Greenberg.
“Although MUSC is considered a state-assisted institution, our state support has dropped to the point where it now accounts for just over 6 percent of our annual operating costs,” said Greenberg. “Philanthropy plays a critical role in helping us overcome that shortfall so that we can continue to meet South Carolina’s growing health care needs.”
Greenberg reiterated that, based on the university’s growing base of philanthropic support, he was confident the “Partnership for Promise” capital campaign would be a successful one, having already raised $226 million toward the campaign’s $300 million goal.
“We continue to be tremendously grateful for the support and generosity extended to the Medical University,” he said. “We’re forever optimistic that this trend would continue on an upward path, as the university continues to grow and extend its outreach programs throughout the state.”
# # #
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 nearly 11,000 employees, including 1,500 faculty members. As the largest non-federal employer in Charleston, the university and its affiliates have collective annual budgets in excess of $1.6 billion. MUSC operates a 750-bed medical center, which includes a nationally recognized Children's Hospital and a leading Institute of Psychiatry. For more information on academic information or clinical services, visit www.musc.edu or www.muschealth.com.