With two major projects happening in Otterbein College's science department, fundraising is the key to their success.
Student tuition is a factor, but the majority of funding comes from fundraising.
The total cost of the science building construction will be $20 million. Three million dollars is being provided by the college out of the operating budget, while $5 million will be provided essentially through bonds. That leaves $12 million to be funded through private gifts.
Commitments of $2.74 million have already been received for the project. Donna Burch, executive director of development, said that she's really pleased with the progress. "It's a great and much needed project," Burch said. "Everyone who we've met with so far feels that it's a need project and has been inclined to support it."
A $4 million gift is currently being sought, which will give the donor naming rights to the building. Another option is having two $2 million gifts that would have shared naming rights.
Most major gifts have naming rights to specific areas in the building.
Names will be given to certain classrooms, labs, greenhouses and the new atrium. Names are often given in honor of someone or named after the donor.
Gifts with naming rights for the science building will be about $10,000 and up.
Since Otterbein is a liberal arts institution, the majority of alumni have taken a science class in Shear-McFadden Science Hall, making Burch assume that about 75 percent of donations will come from former students.
Corporations and foundations can also give private gifts to the college that will help support the renovation. Three different corporations and foundations have received proposals from the college asking for their support.
The second project involves the $4 million equine facility that is to be funded totally through private donations.
Otterbein received a lead gift of $1.5 million from The McCuan Family Trust to fund the Patrick and Jill McCuan Center for Equine Science in June. t&c;
