U of I Foundation important arm in University funding

By Daily Illini Editorial Board

The University of Illinois has to be creative in generating revenue, especially when the state contributes so little to it already. The University of Illinois Foundation, the fundraising arm of the University system, announced that it plans to more than double the donations it receives to $450 million over the next seven to 10 years.

But we wondered just how much $450 million is each year. In 2013, that much money would account for 7.7 percent of the University of Illinois’ $5.4 billion operating budget. In 10 years, the $450 million will likely account for even less as the operating budget grows to over $6 billion.  

Relative to the operating budget, the UIF contributes little. But don’t let that percentage fool you: UIF does good work, and without it, the University would be in an even tighter pinch. The state doesn’t seem like it’s going to cough up anymore money for the University, so short of raising tuition, this is how the University can earn more money.

That said, $450 million is nothing to scoff at. Look at what it can buy.

Campus

5 New ECE buildings

13 Grainger libraries

30 percent of the year’s salaries at the University

281 head football coach Tim Beckman salaries

UIUC Tuition

38,026 students’ in-state tuition, one year

17,165 students’ out-of-state tuition, one year

3,801 students’ in-state tuition, total est. cost

2,558 students’ out-of-state tuition, total est. cost

Random

65,885,798 chicken burrito bowls at Chipotle on Green Street

34,615,385 twelve-packs of Stella Artois

90,543,260 grande Pumpkin Spice Lattes at Starbucks

282,541 13” MacBook Pros

Really Expensive

2 Hope Diamonds

0.48 John Hancock towers

0.32 Royal Carribbean’s Oasis of the Seas cruise ship

13 countries including Sao Tome and Principe; Palau; Saint Pierre and Miguelon; Cook Islands; Anguilla; Falkland Islands; Wallis and Futuna; Nauru; Montserrat; Tuvalu; Saint Helena, Ascension, and Tristan da Cunha; Niue; Tokelau

Other Schools

$2 billion Penn State University aims to earn over seven years

$1.7 billion University of Iowa aims to earn over eight years

$6.5 billion Harvard University aims to earn over five years

$15.8 million Eastern Illinois University earned in one year

Editor’s note: A previous version of this article incorrectly stated that Iowa University aims to earn $1.7 billion over eight years. The article should have stated that the University of Iowa is aiming for that goal. The Daily Illini regrets this error.