Asbury University in Wilmore has announced the public launch of a $62 million capital campaign to increase funding for student scholarships, new and enhanced buildings, and more.
During a yearlong “quiet phase,” the campaign raised $39.4 million, or nearly 64 percent of the $62 million goal.
The capital campaign, the largest in Asbury’s 126-year history, is called “Ignite.” The public portion of the campaign will be conducted over the next four years.
“God has prepared Asbury University for ‘such a time as this,’” said President Sandra Gray, quoting from the Old Testament book of Esther. “Through Ignite, we have embraced the bold vision he has for us: equipping our students to impact the world in every field of calling. Ignite powerfully supports Asbury’s mission, and we are stepping out with full faith in God’s provision.”
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Gray announced the public portion of the capital campaign Saturday night at Hughes Auditorium on the Asbury campus.
The university aims to raise $27 million in scholarships, including $17 million for a general student scholarship fund, and $10 million for named, endowed scholarship funds. More than $15 million of the $27 million goal has been raised.
Each dollar invested in the general student scholarship fund, called “The Fund for Asbury University,” is awarded directly to students in support of tuition.
Gifts made to endowed scholarship funds are never spent. Instead, they are invested, and a portion of the income is awarded annually to students.
Traditional undergraduate costs for an academic year at Asbury (including tuition, room and board, and before financial aid) are $34,000.
Asbury also hopes to raise $24 million for new and enhanced buildings. So far it has raised nearly $16 million toward that goal.
The centerpiece of that goal is a new 82,000-square-foot collaborative learning and research center to house the Howard Dayton School of Business and the departments of science and mathematics. The new building will be in the middle of campus, next to the student center.
The capital campaign seeks to raise $17 million for phase one of the collaborative learning center, which will include labs and classrooms, an atrium and an auditorium.
Asbury also seeks to renovate and expand its student center and to build a university guest house for out-of-town visitors. Ground has been cleared for what will be called Windsor House, to be built on the east side of Jewell Road, near the Luce Physical Activities Center.
Finally, Asbury has raised $8.4 million toward an $11 million goal for community and academic life programs, to recruit and equip faculty and to provide money to a general endowment as a perpetual source of funding.
Asbury, a Christian, multi-denominational, liberal arts school, had a 2015-16 enrollment of 1,902 students, including1,350 undergraduates and more than 550 in graduate or degree-completion programs.