PROVIDENCE – Brown University’s leaders this weekend announced that the school’s four-year-old “Boldly Brown” capital campaign had reached its initial goal of raising $1.4 billion, but said they hope to raise an additional $275 million by the end of next year.
The university also announced plans to build a permanent home in the Jewelry District for the Alpert Medical School with a $45 million renovation of 222 Richmond St., and to spend $42 million to create a new Mind Brain Behavior Building by renovating the Metcalf buildings complex at the northeast corner of Lincoln Field.
The announcements came during the annual spring meeting of The Corporation of Brown University, the school’s governing body. Brown awarded 2,157 bachelor’s and advanced degrees on Sunday at the school’s 241st annual commencement ceremony.
Brown Chancellor Thomas J. Tisch said the capital campaign, which began in 2005, reached its goal more than a year ahead of schedule. “We have a blueprint for Brown’s future that has created a truly engaged, emboldened community of alumni, parents and friends,” he said in a statement.
More than 70 percent of the $1.4 billion already had been raised two years ago, but it took another two years to get the last $400 million, according to Brown. Donations came from more than 63,675 alumni, parents, friends, businesses and foundations, with about $428 million, or 31 percent of the total, coming from current and past members of the corporation.
Despite the success so far from Boldly Brown, the university said it now wants to raise another $275 million to fund financial aid, new faculty positions, capital projects and an expansion of the annual fund.
The money will fund an extensive Plan for Academic Enrichment, formally approved by the corporation in February 2004, that calls for the expansion of the university’s faculty and infrastructure, among other initiatives.
Brown said the $1.4 billion included more than $648 million to boost the school’s endowment, which has fallen in value amid the financial crisis; $239 million for capital projects, which have been scaled back in recent months; $240 million in current-use unrestricted support; and $46 million in undesignated gifts.
Jerome C. Vascellaro, a Brown vice chancellor and a national co-chair of the campaign, said the fundraising effort was “without precedent in the university’s history.”
The two capital projects green-lighted this weekend, the medical school and the Mind Brain Behavior building, have been scaled back from their original plans, the school said.
The Alpert Medical School’s renovated home at 222 Richmond St., a 65,000-square-foot office building purchased by Brown in 2006, will be designed by Ellenzweig Associates. The Mind Brain Behavior building will be designed by Leers Weinzapfel Associates.
The corporation’s facilities and design committee also has tapped Kliment Halsband Architects to conduct a review of the neighborhood around 222 Richmond St., where Brown’s Jewelry District real estate holdings are concentrated. The university has said it plans to expand its presence there as it runs out of space for expansion on College Hill.
In addition, Brown said landscaping and design work would start this summer for a combined fitness and swimming center, “with a view toward advancing the project as soon as possible.” The school also held a groundbreaking last week for its new $40 million Creative Arts Center on Angell Street.
The corporation also said it would add an unspecified number of young alumnus trustees to its 42 members. They will be Brown graduates who have been students within the previous seven years.
The corporation also cut in half the length of time before which its minutes become publicly available, from 50 years to 25, starting with records created after July 1.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.