Fueled by stock market gains and strategically-timed gifts in preparation of changes to tax laws, U.S. colleges and universities brought in a record $46.7 billion in donations last fiscal year, reports The Wall Street Journal.
Last year, giving to colleges rose 7.2%, marking the ninth consecutive year of gains, according to the Council for Advancement and Support of Education’s Voluntary Support of Education survey released Monday.
Individual schools brought in an average $41.9 million in donations, with the mean ranging from under $2 million for community colleges to $238 million at multi-campus public universities.
Ivy leagues Harvard, Stanford and Columbia universities each raised more than $1 billion, as the divide continues to grow between a handful of fundraising giants and everyone else. The top 10 schools by total donations represent less than 1% of all U.S. colleges and universities, but the schools raised 18% of all funds last year, while another seven schools received gifts of at least $100 million in fiscal 2018.