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Wells College announced today that it has surpassed its ambitious goal of raising $1.5 million dollars for its annual fund, offering a ray of hope for nonprofits in an otherwise gloomy atmosphere.

Like most American colleges and universities, Wells has dealt with budgetary difficulties since onset of the global financial crisis. In the wake of that crisis, colleges nationwide have seen plummeting endowments, financially needier students, and compromised state and federal aid. But unlike most other colleges and universities, Wells College has surpassed its goal for annual fund dollars in this year’s difficult fundraising climate. The College’s financial year closed on June 30, 2009.

The College’s development team attributes its success to a straightforward approach and a particularly loyal and engaged body of graduates, parents, and friends. “Wells has been open and clear in describing this hour of serious financial need. People understand that need. At the same time, our community understands that Wells is growing, and that the College is as vibrant as ever,” said Michael McGreevey, Vice President for Development at Wells.

McGreevey credits the entire Wells community, including advancement staff and volunteers, for the fundraising achievement. “Members of the Wells community have responded to our appeals with dedication and generosity, giving larger gifts, multiple gifts, and supplementing our appeals by helping to motivate one another.”

A strong annual fund is important, says McGreevey, because it maximizes the College’s creativity and flexibility in the face of endowment losses. The annual fund is the unrestricted body of money used for day-to-day expenses, ranging from student life and faculty, to costs associated with groundskeeping and printing. It is the College’s most fluid asset, and the one that the College relies upon most for agility in difficult financial times.

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