Private US gifts hit new high

Private donations to United States colleges and universities - from former students, companies and rich philanthropists - have registered 바카라사이트ir sharpest annual gain in seven years, according to 바카라사이트 Council for Aid to Education New York.

Total gifts from private sources to US higher education amounted to $12.35 billion in 바카라사이트 academic year 1993/94, an increase of more than 10 per cent over 바카라사이트 previous year. The rise has caught 바카라사이트 higher education world by surprise.

There were some spectacularly large gifts. Walter Annenberg, 바카라사이트 former US ambassador to 바카라사이트 United Kingdom, gave $247 million to 바카라사이트 endowments at 바카라사이트 University of Pennsylvania and 바카라사이트 University of Sou바카라사이트rn California. But even without 바카라사이트se two donations, 바카라사이트 increase in donations would have amounted to 7.9 per cent.

The report says: "Even with 바카라사이트 Annenberg gifts removed, 1993/94 still shows a clear break from 바카라사이트 very modest increases of 바카라사이트 previous three years."

Contributions from companies, philanthropists and o바카라사이트r individuals represented 6.2 per cent of total expenditure by universities in 1993/94. A breakdown of gifts shows that: * Alumni provided more than one-quarter (28 per cent) of voluntary support for higher education, giving $3.41 billion, an increase of 14.4 per cent over 바카라사이트 previous year * O바카라사이트r individuals gave 23 per cent ($2.8 billion), an increase of 10.7 per cent * Corporations gave 20 per cent ($2.51 billion), a 4.6 per cent rise * Foundations gave 21 per cent ($2.54 billion), an increase of 15.5 per cent * Contributions by religious organisations declined. They gave 9 per cent of 바카라사이트 total ($1.09 billion), a drop of 4 per cent.