Goddard College Launches $4 Million Fundraising Campaign
Goddard College has launched a $4 million fundraising campaign as part of an effort to stabilize the struggling college’s finances.The college announced the Together for Goddard campaign is the largest fundraising effort in the school's history.
Goddard College was placed on probation by its regional accreditor for finance and governance issues in September 2018 — just before Bernard Bull took over as president of the college. Bull said the fundraising effort's goal is to build the school’s cash reserves.
"When I arrived, we had over a $1 million deficit," said Bull. "Within seven months, we were essentially operating from a balanced budget. So what this money is not going toward is just to address deficit issues, because we don’t have one. We’re operating from a balanced budget."
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Bull called that "phase one" of the effort to shore up the college.
"So if phase one was about saving the college, phase two is about strengthening and stabilizing the college," he said. "And for us, a nonprofit should have about three to six months of its annual budget in cash reserves at all times."
Goddard aims to raise $4 million through foundations and individual donations by June 30. But Bull said he hopes to make considerable progress by theNew England Commission of Higher Education's next accreditation visit in April.