Two upcoming changes will support fundraising to build NC State’s endowment and align the university with practices across the country.
Starting Oct. 1, the university will begin a 5 percent assessment on donations and charge a fee of about 1 percent to the earnings of its endowments.
The endowment, which is the equivalent of a savings account, can support merit- and need-based student scholarships, underwrite faculty teaching and research, and enhance student programs, Chancellor Randy Woodson said. The long-term benefit of building the endowment is a more stable and predictable income stream for the university’s needs and priorities.
The changes will help increase fundraising efforts and improve information systems. Peer universities charge assessments ranging from 2 percent to more than 8 percent, said Nevin Kessler, vice chancellor for advancement.
NC State’s goals are to significantly increase the number of donors over the next 10 years and to increase gift income from about $90 million annually to more than $180 million annually, Kessler said.