Penn State Altoona has surpassed the $20 million goal established for the college's historic fundraising effort, "For the Future: The Campaign for Penn State Students."
Of the total funds raised, more than $6.5 million has been designated for scholarships. The majority of the funds will be spent for building renovation and construction, programs and opportunities for students, including honors education, study abroad and undergraduate research.
"One thing we need more than anything is space for our students," Susan Woodring, director of development and alumni relations at Penn State Altoona, said. "We purchased some buildings downtown in 2007. On the horizon, we have an addition to the Adler Athletic complex."
She also said the campus is mindful of the students' need for scholarships.
"As we look at our needs of our college, high on the list is that any student qualified, but not financially able, could attend," she said.
She said 45 percent of the funds raised will be invested as an endowment fund. Financial returns on the invested capital can be withdrawn, making the donations an ongoing source of revenue.
The new standard for private support at Penn State Altoona, nearly $21 million, is part of the university's record $2.158 billion campaign total, a campus press release stated.
The campaign will continue until June 30.
"Thanks to the generosity of individuals, couples, businesses, corporations, and foundations, Penn State Altoona has surpassed our unprecedented campaign goal of $20 million," Lori J. Bechtel-Wherry, chancellor and dean of Penn State Altoona, said. "I am proud that our faculty and staff have been important contributors to For the Future, providing more than $711,000 in support. With a goal of this magnitude, every gift has been and will forever be valued and appreciated. On behalf of all Penn State Altoona students and our entire campus community, I express gratitude to all benefactors who supported our campaign."
Mirror Staff Writer Russ O'Reilly is at 946-7435.