Posted: Feb 3, 2010 6:47 AM by Bea Karnes, News First 5
Updated: Feb 3, 2010 6:47 AM
A new report says colleges and universities suffered a big drop in charitable contributions in 2009 -- the steepest drop in at least 30 years.
The report by the Council for Aid to Education says giving dropped an average of almost 12 percent nationwide in 2009. Individual giving dropped in both dollars and the number of people giving. The report says the biggest drops were in gifts for endowments and new buildings.
Ann Kaplan, director of the survey, says she wasn't surprised by the numbers. She says, "We knew that this was going to be a bad year."
Stanford University raised the most money in 2009, taking in more than $640 million. But that's still a drop in income of $175 million for the school.
Harvard came in second, but it suffered a $50 million drop.
Kaplan says many universities are expecting 2010 to be a better year, because some donors were waiting to see the stock market improve before making some planned gifts.