Donors spend big bucks for name rights in new business building
How much is your name worth? That may depend on how much you’re willing to give. Such is the philosophy behind the gift recognition opportunities program of the School of Business Capital Campaign. Through this program, individuals willing to pledge money for VCU’s campaign can be rewarded, if they desire, by having their name recognized in the new business building.
How much is your name worth? That may depend on how much you’re willing to give. Such is the philosophy behind the gift recognition opportunities program of the School of Business Capital Campaign. Through this program, individuals willing to pledge money for VCU’s campaign can be rewarded, if they desire, by having their name recognized in the new business building.
The new building, which is scheduled to be open to students in fall 2007, is projected to cost $47 million. So far, the campaign has received $45.5 million, according to campaign administrators. The new business school will be located on Main and Belvidere streets.
Douglas Knapp, director of the Capital Campaign, said naming opportunities start from $5,000 to $2.5 million.
Most donors, however, don’t give solely for the naming rights, Knapp said.
“Are some people donating for recognition? Absolutely,” he said. “But we think that the vast majority of people donate because they want to help our cause.”
-Douglas Knapp, director of the School of Business Capital Campaign
Katherine Oliver, associate director of the Capital Campaign, said she is delighted by the $45.5 million in pledged donations the campaign has received.
“The naming opportunities have been helpful in securing donations,” said Oliver. “But I think the larger reason people give is because they believe in the School of Business, our students and faculty, and our future.”
People who want name recognition must first decide how much money they want to pledge. Knapp said they may select any sort of timeline to give, ranging from one to five years. Once the donor has presented funds to the university, he or she is given a list of naming rights from which to choose, based on his or her donation. For instance, $5,000 can earn someone the right to name an adjunct faculty office, while $200,000 assures a 60-seat classroom. Once the donor has made a selection, it goes to the Board of Visitors for approval.
Because so many donations have been received, VCU is running out of rooms to be named.
