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AROUND THE QUADSKluge To Match Gifts For Financial AidJohn Kluge ’37 has agreed to dedicate $50 million of his $200 million pledge for College financial aid as a challenge fund to match new pledges and gifts. Under the Kluge Challenge for Endowed Financial Aid, a one-to-one match will apply to all donations of $150,000 or more, with no ceiling on the matching of endowment gifts. The Kluge Challenge also will match the first $50,000 in new annual pledges and gifts as of November 1, 2007 (within a combined College Fund/ endowment gift of $150,000 or more) with an endowment gift of the same amount. Last spring, Kluge announced a pledge of $400 million toward financial aid, $200 million of which is dedicated to the College, as part of the $4 billion Columbia Campaign. In September, The Columbia Campaign for Undergraduate Education was launched with an overall goal of $865 million to benefit the undergraduate community, including $400 million in new financial aid endowment for students in the College. In addition to Kluge’s $200 million pledge toward the $400 million financial aid goal, approximately $60 million has been raised since the start of the campaign, leaving $140 million to go before the goal is reached. The hope is that the Kluge Challenge for Endowed Financial Aid will encourage a widening circle of alumni, parents and friends to contribute toward this effort. Typically, a donor’s gift at the $150,000 level will be allocated with $100,000 going to the endowed financial aid fund and $50,000 to annual giving. Under the Kluge Challenge, an additional $150,000 will be added to the donor’s endowed financial aid fund named for the donor when the University receives Kluge’s gift. Thus, a donor’s gift of $150,000 (or $30,000 annually for five years) results in $250,000 for financial aid endowment and $50,000 for the Columbia College Fund. For further information on the Kluge Challenge for Endowed Financial Aid, contact Andrea Rounds, Columbia’s director of development for Arts and Sciences: 212-879-2395 or ar2621@columbia.edu.
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