College Fundraising Outlook Darkens After Surge

Ann E. Kaplan, who directs the study, said she has spoken with about 20 institutions recently and all indicated difficulty in fund raising this year, saying they "hit a wall" in January. Ms. Kaplan said she wouldn't be surprised if the current year ended up being worse than fiscal 1975, when contributions fell 3.6%, the biggest drop in half a century. Institutions have already reported to researchers that some multiyear donations have been renegotiated to give philanthropists more time to honor their pledges.