Biola University Gets a Financial Head Start Despite Recession
A Major Gift of $3 Million Pledged to Biola
As the new year kicked off with an uncertain outlook on higher education fund raising efforts, Biola University got a head start in 2009 with a recent major gift commitment of $3 million to the school’s priority project – Talbot Building Complex.
Predictions for 2009 were bleak for fundraising efforts in higher education and non-profit organizations, some predicting a “tougher year for non-profit organizations and colleges.” Chronicle of Higher Education – Moody’s Investors Service survey showed that the new year would bring tougher times with more job cuts and annual funds falling.
Yet, it’s apparent Biola donors still resonate with the school’s mission since they continue to faithfully give, even as Biola took precautionary budget measures in November, in response to the economic situation in the nation.
Some institutions have received large gifts, mostly by donors they have had long term relationships with or have been in conversations with for some time. However, this $3 million commitment came from new friends of Biola - a couple who just recently connected with President Corey to learn of the University’s vision and future plans.
These generous donors believe in Biola’s mission and wants to see the school continue to train men and women to impact the world for the Lord Jesus Christ. They see this as a sure investment - an investment in lives that produce a higher return than any stock or retirement fund.
The $3 million commitment is for the Talbot Building Complex. The $55.4 million project will take place in two phases. The first phase will add a new 30,617 square-foot building, adding 7 classrooms, 31 academic offices, and feature a faculty meeting room, prayer chapel, two conference rooms, and a Ph.D. seminar room. The second phase will demolish the existing Myers Hall and replace it with a state-of-the-art 57,798 square-foot building, providing 17 classrooms, 53 academic offices, a Theology reading room, a student lounge/cafe, and a recreation room.
President Corey expresses the importance of this project. “We are resolving once more that the authority and trustworthiness of God’s word as exemplified in the Talbot School of Theology will long be a pillar of this institution.”
Biola has not received such a major commitment for a few years. A pledge of this size to Biola is noteworthy especially during this uncertain time when the school is experiencing a temporary hiring freeze and budgetary decreases.
“The economic situation has been one that has drawn our attention to budget planning for the future.” President Corey said. “But as we begin 2009 we will resolve not to retrench and resolve not to scale back that which is core to who we are.”
During this economic uncertainty God has been faithful financially to Biola. Gifts and pledges for the Talbot Building Complex project now total $7.6 million. With this major commitment Biola is closer to meeting its goal for Phase I of the project.
One donor said, after making his financial commitment to Biola, that he wanted to see students continue their education at Biola.
“God’s provision of this gift has bolstered the faith and confidence of the development team as we continue to work toward the goal,” said Vice President for Advancement, Adam J. Morris. “We are continuing to pray that the Lord would provide the remaining funds so we can break ground on Talbot East in a timely fashion.”
Biola’s development team is optimistic this new-year with expectations of raising the remaining funds to break ground on the Talbot project in 2009. At a time when Americans are tightening their belts, Biola remains hopeful that God will provide. He provided on many occasions during uncertain and difficult times in Biola’s first century, so this financial head start turns the gloomy predictions to hopeful and prayerful expectations.
“This is Biola’s good news during this recession. We will continue to move forward with faith and confidence toward the goal,” said President Corey.
Written by Brenda Velasco, Manager of Public Relations and Internal Communications.