In Time of Presidential Change, Barnard Aims to Build Up Endowment Through More Aggressive Fundraising

With Columbia’s four billion dollar fundraising capital campaign now two years underway, some wonder what type of financial growth is occurring on the other side of Broadway—and exactly what role Barnard alumnae appear to play in that development.

“As of June 30 of last year ... Barnard’s endowment is at $205 [million]. For Barnard, this is a record high,” said Greg Brown, vice president for Finance and Planning at Barnard.

According to an officer for the Barnard Annual Fund, Laila Shetty, BC ’03, most of the money donated to the college is channeled toward the Barnard Fund. This money is primarily directed toward the overall daily operations of the campus. This includes everything from “lights in dorms to new desks,” Shetty said.

Often when gifts are given to the college, in a manner similar to Columbia’s system, donors restrict where that money can be donated. “Over half of our endowment is restricted for financial aid purposes,” Brown said. “I really do believe ... that Barnard does a lot with limited resources. We have been committed to doing as much as we can for financial aid.”

But even with Barnard boasting a strong financial aid program, the school still falls far behind its peer institutions from a financial perspective. Much of this is due to Barnard’s history.

“In the ’60s, for example, most Barnard students commuted,” Shetty said, which limited the spirit of a campus community.

“Barnard until really 10 years ago had a high percentage of commuter students. That had an effect on building a community,” Brown said. Conversely, some of Barnard’s sister schools are very well-endowed.

“Wellesley and Smith have endowments that are over a billion dollars each,” Brown said. Barnard’s peer institutions have more flexibility due to their larger endowment.

“We have to be more conservative in how we invest,” Brown said. He explained that universities with exceptionally large endowments such as Harvard and Yale are able to take more chances with their funds, while “we can’t afford to gamble as much as they do.”

But since Barnard has been changing its investment strategies, many are hopeful that the school will see more growth in the future. Due to strategy adjustments in asset allocation, “our endowment return [this year], which took us to the $205 million, was about 19 percent. Very respectable for our size institution,” Brown said.

With Barnard preparing to welcome a new president, administrators foresee some changes in the next several months.

“People will be giving gifts to the college in honor of Judith Shapiro,” Brown said. “Whenever you have a new president, there is an increase in fundraising.”

Many alumni highlight their Barnard experience as their reason for giving back to the college.

“I have donated to Barnard just about every year since I’ve graduated. I loved my experience there and have always felt compelled to support the school as much as possible,” Stephanie Marks, BC ’93, said. “My husband [Dr. Jonathan Zellan, CC ’93] has donated to Columbia, but less consistently and in smaller amounts than my donations to Barnard. I am more passionate about supporting Barnard in general; but with the money it’s also partially an underdog thing. Columbia has such a huge endowment. We know Barnard needs it a lot more.”

While still faithful to Barnard, others seem more skeptical about the gift-giving process.

“It is a very complicated time for colleges. They are going to have to justify how they are using donors’ money,” Diane Eidman, BC ’80, said.

Eidman explained that she feels comfortable donating her money to her alma mater because “Barnard is a unique place. I supported their decision to remain independent.”
Of course, there can always be ulterior motives to donating to a school.

“I have a daughter who is 17,” Eidman said. “She may be applying to Barnard. But truth be told, unless you are writing a big check, it is meaningless.”

keren.daskin@columbiaspectator.com.