University of Richmond lands record $150 million gift as it launches $600 million campaign

The University of Richmond has landed the largest gift commitment in its nearly 200-year history: $150 million from an anonymous donor. The school announced it on Thursday, Sept. 24, at the kickoff of Accelerate Richmond, a multiyear fundraising campaign with a $600 million goal.

The campaign has been running quietly for a while. UR says it has already raised more than $425 million, and the September event marked the start of its public phase.

“We are profoundly grateful for this generosity and the confidence of our supporters in the trajectory of the University of Richmond. We are very excited about the opportunities that this campaign will generate for our students and campus community,” said University of Richmond President Kevin F. Hallock. “This extraordinary gift builds on generations of generosity among the alumni and friends of this amazing university. I could not be more excited about our positive momentum and our future. Our students, staff, faculty, and alumni are truly remarkable.”

A $50 million match for scholarships

Affordability is the campaign’s first priority, and it’s where a third of the gift is headed.

Of the $150 million, $50 million will match other donors’ gifts to endowed scholarships through a program called the Richmond Affordability Initiative. The university says the match is aimed at students from all financial backgrounds, with a particular eye on middle-income families who earn too much to qualify for substantial need-based aid but not enough to comfortably cover the full cost of college.

UR already admits undergraduates on a need-blind basis and meets 100% of demonstrated need for traditional undergraduates. Its Richmond Guarantee program gives every undergraduate up to $5,500 for a paid summer internship or faculty-mentored research.

Faculty, careers and athletics

The campaign has four priorities in total: access and affordability, academic excellence, lives of purpose, and athletics.

On the academic side, UR plans a series of endowments to recruit, recognize and retain faculty and to support teaching and research in emerging fields. The “lives of purpose” piece covers personalized advising, career readiness, internships, research and international travel for every undergraduate.

For athletics, the money will go toward facilities, coaches, and scholarship and endowment support across Richmond’s 17 Division I programs, along with wellness, academic and career resources for student-athletes. That follows the $10 million gift from Paul and Anne-Marie Queally announced in June for a new lacrosse facility at Robins Stadium.

“Every donation, no matter the size, will serve to build upon the amazing student experience that defines a Richmond education,” said Martha Callaghan, vice president for advancement. “Our Spider community gives back to the University in so many ways every year, including through philanthropy, and we know that every Spider engaged and every gift made during this campaign will help us achieve great things for our students and for UR.”

The university hasn’t named the donor or set a public end date for the campaign. More on Accelerate Richmond is available from the University of Richmond newsroom.