Record Year of Giving
Community Responds with Record Year of Giving
In a year marked by celebration and challenge, Babson alumni and supporters demonstrated their commitment with unprecedented levels of participation and giving.
It’s been a year unlike any other in Babson College’s 101-year history.
From the Centennial celebration last September through the challenges of a global pandemic this spring, one thing that remained unwavering was the commitment from Babson alumni, parents, staff and friends. The 2019-2020 fiscal year, which ended June 30, produced record-breaking results for overall giving and alumni participation.
“When our students and the College needed support this year, the Babson community rallied around us,” said Edward Chiu, the Governor Craig R. Benson Endowed Senior Vice President for Advancement. “Our donors stepped up like never before to help students and drive the mission of Babson, even during what was a difficult year for so many.”
In total, more than $91 million was committed to the College this past fiscal year—a record amount. This included the single largest gift ever: $50 million from The Arthur M. Blank Family Foundation for the creation of the Arthur M. Blank School for Entrepreneurial Leadership. The school will advance and amplify values-driven entrepreneurial leadership on a global scale, which is a key tenet of the College’s strategic plan.
“The next horizon of business education is equipping and connecting more entrepreneurial leaders who create solutions and growth by putting people first, leading by example, and giving back to others, especially those in need,” said Arthur M. Blank ’63, H’98 at the time of the grant announcement last November.
The Power of Philanthropy
At that time, no one could’ve predicted a global pandemic, and the financial toll it would take on colleges and universities across the country. Babson would be no exception. So while Blank’s historic gift helped set the direction for Babson’s second century, the strong collective generosity of the Babson community allowed the College to continue making progress towards our strategic goals and simultaneously alleviate the financial impacts of COVID-19. The support allowed the College to forge ahead with expanding entrepreneurial leadership by building and growing networks and ecosystems, reaching learners everywhere and exploring new models for learning; additional pillars of the strategic plan.
The power of philanthropy also meant that Babson could invest more than $24 million in academic learning—from supporting term chairs and faculty fellows, to sustaining and growing programs and initiatives within Centers and Institutes. This ensures that students are learning from the best and brightest in a well-rounded and exceptional academic environment that is augmented with rich curricular and co-curricular activities.
Donor support has a ripple effect that touches nearly every area, every corner of Babson, with more than $30 million applied towards the College’s operating budget. Donors also supported athletics, the arts, and affinity groups that are so important in enhancing the overall student experience.
Impact On Our Students
This year’s fundraising efforts had a direct and significant influence on the lives of students through scholarships and financial aid—a need that rises each year and is expected to grow exponentially due to the financial toll the pandemic has taken on families. More than $27 million assisted over 1,500 students this past year with scholarships and financial aid.
This year, however, students needed the strength and unity of the Babson community like never before. As the global health crisis grew, it was imperative to get students home quickly and safely. They needed flights back to their countries, transportation to their hometowns, and storage and shipping of belongings. Many lost wages from jobs and internships. Those who couldn’t safely return home required additional assistance with meals and other living expenses.
The Emergency Fund was quickly established in the initial days of the pandemic, and the Babson family responded with compassion and swift generosity, with more than 1,020 donors giving more than $275,000 to assist those most affected by the crisis. To date, more than 155 students have received aid through the Fund.
“Gifts that were made to the Emergency Fund don’t tell the whole story of how the Babson community came together during that time,” explained Chiu. “We had alumni buying plane tickets for our students and opening up their homes so displaced students could have a place to stay. It was amazing to see the lengths people would go to make sure our students were taken care of.”
#OneBabson
This year donors came together as One Babson in record numbers with 12,330 people making a gift to the College. In a year impacted by travel and other restrictions, nearly 20,000 people attended in-person and virtual events—more than any other year to date. The College also reached the highest alumni participation rate ever at 32.4 percent. It’s a key metric that significantly impacts college rankings and helps maintain Babson’s status as the No. 1 entrepreneurial school in the nation.
“I’ve always been impressed by the generosity of the Babson community, but this year really showed the depth of commitment people have to this College and our students.” Chiu said. “This level of support reinforces the belief our alumni and friends have in the power of a Babson education, but also demonstrates that they truly care about the health and well-being of our students.”