Duke Reaches Fund-Raising Goal; Pratt Tops $200 Million

Duke University's Campaign for Duke, which began seven years ago,
surpassed its $2 billion fund-raising goal in January with 11 months to
go. The Pratt School of Engineering reached its goal of $170 million last
June and has now raised more than $200 million.

"Although the Campaign for Duke has almost a year to run and several
crucial priorities to fund, it has already provided strong support for Duke's
most important goals and visions for the future," said university President
Nannerl O. Keohane.

In its seven years, the overall campaign has provided support for faculty,
student financial aid, academic programs, research, improvements to
campus and community life and a variety of other areas. The Campaign
for Duke ends Dec. 31, 2003, and school officials say they hope to meet
remaining areas of need in that time.

Pratt School Dean Kristina M. Johnson said the Campaign gifts to the
engineering school will catapult Pratt into the ranks of the leading centers
of engineering education and research. She said, however, that the
school has significant needs remaining to support its major initiatives –
photonics and communications, bioengineering, materials engineering
and materials science, and remote sensing and instrumentation.

Topping the list of infrastructure needs in support of those initiatives is the
Center for Interdisciplinary Engineering, Medicine and Applied Sciences
(CIEMAS) that is rising across from the school’s Hudson Hall and Nello L.
Teer Building. CIEMAS, a two-building complex that will more than double
Pratt’s teaching and research space, is scheduled to open in August
2004.

“CIEMAS will be a wonderful facility but we need to raise an additional $13
million to complete some 40,000 square feet of what now will be shelled
space,” Johnson said. “It is the generosity and vision of our donors that
made CIEMAS possible and I am confident, with the help of our
volunteers, we can raise the funds to complete the complex.”

Johnson said the $35 million gift of Edmund T. Pratt Jr. in October 1999
was a transforming event that allowed the school’s leaders to move
ahead with an expansion that builds on the school’s strengths across the
departments in biomedical engineering, electrical and computer
engineering, civil and environmental engineering and mechanical
engineering and materials systems.

Another major gift, $25 million from Michael J. and Patty Fitzpatrick in
December 2000, established the Fitzpatrick Center for Advanced
Photonics and Communications Systems and will help support CIEMAS.

In all, Pratt’s part of the Campaign for Duke has:
--Raised $65 million for the 322,000-square-foot CIEMAS;
--Raised $39.2 million for endowment, which will help fund
professorships, fellowships and scholarships;
--Raised $11.3 million from the Annual Fund, which supports school
operations;
--Raised $86.2 million for specific programs and sponsored research.

The Campaign’s overall $2 billion total makes Duke the fifth American
university to reach that level in a single fund-raising campaign, and the
first outside of the Northeast and California. The $2 billion has come from
more than 225,000 donors. It includes some $661 million in new
endowment. Of the campaign total, $312 million is committed by donors
to be paid in the future.

"It is truly heartening that tens of thousands of donors and volunteers have
enabled us to reach this historic milestone because of their loyal efforts
and generosity,” Keohane said. "Duke is committed to creating an
environment that nurtures superb learning, teaching, patient care, service
to society and discoveries in many areas of our life and our world. This is
why we undertook this ambitious campaign, and why we continue to seek
funds to support the key priorities in our strategic plan for every school
and for the university."

Publicly announced in October 1998 with $684 million raised, the
Campaign for Duke's initial goal was $1.5 billion. Slightly more than two
years later, that target was raised to $2 billion when the university adopted
its strategic plan, "Building on Excellence." The plan emphasized
increased support for faculty and science initiatives, including a number of
building projects.

"The goal for the Campaign for Duke was set to match the university's
needs with what we believed we could raise," said Ginny Nicholas, who
has been co-chair with husband Pete Nicholas of the Campaign for Duke
since it began. "We always understood that even $2 billion was not
sufficient to meet all of Duke's needs."

Added Pete Nicholas, "While we have raised more than we thought we
would, we haven't yet accomplished what we have called 'filling all the
buckets,' which means funding every priority we identified at the start of
the campaign. We still need to raise funds for financial aid, faculty and
facilities."

Financial aid, for which $281 million has been raised during the
campaign, allows Duke to be affordable to all students, Pete Nicholas
said. In the current year, more than 40 percent of Duke undergraduates
receive financial aid, requiring university expenditures of approximately
$40 million, an increase of almost 43 percent since the start of the
campaign.

Since Duke is "need blind" in admissions decisions and provides
financial aid to all admitted students who demonstrate need, much of the
campaign giving in this area has replaced funds that previously came
from the university's operating budget. Those funds are now available for
other purposes.

"We are short of our graduate fellowship goal, and even though we have
reached most of the need-based undergraduate goal, it never
represented our total need," Pete Nicholas said. "There are also
merit-based and athletic scholarship 'buckets' to fill."

Support for faculty, Pete Nicholas said, is another important area that
needs additional funding. Some $150 million has established 95
professorial chairs and supported faculty needs such as laboratory
facilities. In February 2002, the Nicholases announced the Nicholas
Faculty Leadership Initiative, a $25 million gift that would match 50
percent of the gifts from others for faculty support, to yield a total of $75
million.