COOKEVILLE – University officials announced that more than $8 million was raised in the recently completed 2019-2020 fiscal year.
“This year, nearly $2 million for scholarships was raised from cash giving alone,” said Tennessee Tech President Phil Oldham. “And more than $1.5 million in additional scholarship funding was raised through other types of gifts to the university. These gifts will have a positive and immediate impact on the lives of Tech students.”
Donors committed $8.19 million in the fiscal year ending June 30. The total includes cash, pledges, stocks, gifts-in-kind and new planned gifts.
The university received 6,749 gifts from 5,347 donors, 73% who are alumni.
However, the alumni participation rate, which is the percentage of alumni giving each year versus the total number of alumni, averages 6% in recent years.
“When corporations or foundations consider giving to Tech, they often ask about alumni giving,” said Kevin Braswell, vice president of University Advancement. “Corporations and foundations are encouraged when those close to the university show a vote of confidence by making annual gifts.”
Cash and stock gifts to the university totaled $6.65 million.
Of the total giving, more than 98% is restricted in what it can be used for by the donor. For example, if a donor specifies that funds can only be used for chemical engineering scholarships, those funds are considered restricted and are not available for other university needs.
“When we completed Tech’s capital campaign last year, ahead of schedule, we were able to focus on other initiatives, such as Tech’s new engineering building and the Eagle Assistance Grant, that needed support. We are heartened to see that our friends are still supporting Tech’s mission to create, advance, and apply knowledge to expand opportunity and economic competitiveness,” Braswell said. “Each year, their support allows us to continue to help Tech students and the citizens of Tennessee.”
The Eagle Assistance Grant provides resources for students who need assistance to weather short-term financial hardships. More information about the Eagle Assistance program is at https://www.tntech.edu/univadv/giving/giving-eag.php.
“I am grateful to each and every one of Tech’s donors for what they do for our students,” Oldham said. “This year the Tech community faced numerous challenges. The March tornadoes that struck Cookeville and the pandemic are just two examples.
“Everyone is experiencing challenging times, including our students. I’m asking those who are able to support Tech financially to join with us, in order to help Tech do what it does best: produce prepared graduates who are ready to make a positive impact.”