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| Cambridge University closes in on billion pound target but challenges ahead |
| Written by Ben Fountain | |
| Tuesday, 12 February 2008 | |
 Globetrotting Cambridge University chief Prof Alison Richard has raised two-thirds of the institution's £1bn 800th Anniversary target – but having travelled thousands of miles fears the hard yards may be ahead.The Vice-Chancellor believes that talk of a global economic downturn could put the brake on efforts to raise the last £337m towards the £1bn bullseye. But having travelled to India, Hong Kong, the US, Canada and Australia, she doesn’t intend to pull up short of the tape. The University's second annual campaign report up to 31 July 2007 showed that £155 million was raised in the last financial year, the highest figure ever year on year. The campaign total now stands at £663 million, the University said. The University announced two years ago that it planned to mark its 800th Anniversary - which falls in 2009 - by raising £1bn. It set out its four main investment priorities as: students, staff, research and its collections and architectural heritage. Prof Richard said: "I am delighted to report another record year for the campaign. But we are not complacent. "There is still a long way to go and we face more challenging economic times ahead. The University, colleges and our dedicated team of volunteers led by Sir David Walker and Dr William Janeway will be making the case for Cambridge with renewed vigour." Having spent over 30 years at Yale University, latterly as Provost, Prof Richard is well-versed in the US approach to securing 'big bucks' endowments. Over $1.3bn was invested in the fabric of Yale's campus alone during Richard's tenure. The co-chairmen of the campaign, Sir David and Dr Janeway paid tribute to Richard's role as standard bearer for the campaign. In their co-authored introduction to the campaign report, the pair said: "Our work in extending the reach of personal ties and raising awareness has been greatly strengthened by the involvement of our indefatigable Vice-Chancellor. "In 2006–2007 she travelled to the US many times, as well as visiting Hong Kong, Canada and Australia, where she met and engaged with alumni and supporters. More international trips are planned for the Vice-Chancellor in the coming year." Among the major benefactors to the University over the past year are the Gatsby Charitable Foundation, which will fund the new Sainsbury Laboratory Cambridge; The Hauser-Raspe Foundation, towards the construction of the Hauser Forum to promote entrepreneurship and the commercialisation of University research; the Li Ka Shing Foundation for a Professorship of Oncology; and the Kavli Foundation for an Institute for Cosmology. The Government of India have endowed the Jawarhalal Nehru Professorship of Indian Business and Enterprise and BP have provided initial funding for the Centre for Indian Business, at Judge Business School. Cambridge Colleges raised a record £60m over the year, the largest gift being a £7.2 million benefaction to Downing College from the Howard Foundation, established by College members Dr Alan Howard and his son Jon, to build a theatre. 95 members of Gonville and Caius College jointly raised £1 million to endow a College Lectureship celebrating the work of the recently retired Master, Neil McKendrick. Prof Richard is guest speaker at Business Weekly's East of England Business Awards presentation evening, which takes place at New Hall in Cambridge next month.
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