Fund raising for Tucker Technology Center difficult
Sarah Krebs did a nice job on the complicated William and Jean Jones Tucker Technology Center story, but I did want to add several numbers and correct another that gives a fuller picture of the challenge posed in fund raising for this important project. As the concepts for the building changed, the costs changed over a number of years. It began as an engineering building at $8 million, became a technology center at $12.2 million and then moved to $17.5 million. When it was finally designed, with again an enlargement of purpose, it became a $25 million project. It was then slated to cost $21.8 million to build, and included an endowment of $3.2 million. It actually cost $22.3 million to build, and we have now raised $18.9 million in commitments. In recognition of the difficulty of hitting a moving target, the trustees adopted a new policy that calls for all building projects to go through a series of steps before they become approved projects for fund raising. In addition, the projects are to include endowment for maintenance costs and any carrying costs the university might incur because many gift commitments are paid out over five years, and thus the university borrows money during that period to build the project. We have continued to keep fund raising open for the Tucker Technology Center, but since most of the spaces in the building are named and because we have gone to natural prospects for this project at least once — including all alumni in a mailing, the only time in my 12 years that we have ever done this for a restricted project — and twice to a number of groups, we are down to waiting for a miracle. We are hoping for some over-the-transom gift that trustees might be willing to designate to this project.

— Bronson C. Davis, vice chancellor for University Advancement