College Fundraising Outlook Darkens After Surge

Still, the survey demonstrated a sharp divide among the haves and have-nots in higher education. The top 20 institutions received 27% of all gifts, with many smaller colleges showing declines in giving. Ms. Kaplan said the wealthiest colleges tended to benefit from successful billion-dollar-plus capital campaigns. But since the money in such efforts tends to flow into endowments, where it is invested, she noted that much was likely lost in the market downturn of recent months.