Inducing Money Magnetism: Fundraising Practices in American Universities and Lessons for Indian Higher Education
American higher education system is internationally respected as a model of excellence for several of its unique characteristics like academic freedom and tenure system, broad-based liberal education, professional MBA programs, and rigorous doctoral education. Another distinguishing feature of American higher education is its professional and strategic approach to fundraising, which provides a critical source of income to universities in times of decreasing government support to public universities and increasing tuition costs and global competition. Harvard leads the university endowment with $34.9 billion and nearly 400 of the roughly 4,500 colleges and universities in the United States have nearly $100 million in endowments (Arenson, 2008). Indian higher education system is also facing enormous challenges ranging from access and accountability to quality and funding. Among these challenges, financial self-sufficiency seems to be critical as it influences severity and complexity of other challenges. Kapur and Mehta (2004) argue that the Indian higher education system “remains suspended between over-regulation by the state on the one hand, and a discretionary privatization that is unable to mobilize private capital in productive ways” (p. 3). Consequently, the purpose of this paper is to provide a perspective on the fundraising practices in American universities and present key lessons for Indian universities. The paper will be presented in three primary sections. First, the role and need of fundraising in higher education will be discussed. Second, fundraising practices in the U.S. universities will be highlighted. Finally, implications and recommendations for Indian higher education system will be presented.
||Fundraising, Endowment, University Advacement, Giving, Financial Management, Leadership, Competitiveness
Journal of the World Universities Forum, Volume 2, Issue 1, pp.19-26.
Article: Print (Spiral Bound).
Article: Electronic (PDF File; 1.230MB).
Associate Director, Innovation and Development, World Education Services, New York, NY, USA
Dr. Rahul Choudaha is Associate Director of Innovation and Development at the World Education Services, New York. In this cross-functional role he is responsible for developing new services from ideation to implementation and improving existing services. Dr. Choudaha specializes in strategic management of higher education, international market development, and technology based recruitment. He led international recruitment and marketing at the Indian School of Business, Hyderabad (Partner school of Kellogg, Wharton and London Business School). Prior to joining ISB, he worked as Associate Vice President at the International College of Financial Planning.
Dr. Choudaha earned his Ph.D. in Higher Education from the University of Denver and holds an MBA in Marketing and B. Engg. in Electronics. He is actively engaged with the higher education profession and is currently serving as the member of International Relations Committee of the National Association of Graduate Admissions Professionals (NAGAP). Earlier he also served as the on-site Chair for NAGAP Annual Conference 2008. Dr. Choudaha has published articles and presented at several professional conferences including ASHE, AACRAO, NAGAP, NASPA, QS APPLE and HGSE, Harvard University. He is also a recipient of the NAGAP Research Grant 2008, and the Outstanding Doctoral Student Award, DU.
Associate Professor, Daniels College of Business, University of Denver, Denver, CO, USA
Vijaya Narapareddy is associate professor at the University of Denver, Daniels College of Business, Denver, USA, where she teaches courses in Strategy, International Management, and Global Social Entrepreneurship. Dr. Narapareddy received her Ph.D. in Business Administration from the University of Illinois at Urbana-Champaign, Illinois, USA. A gold medalist from Sri JCBM College, and an award-winning educator, researcher, and reviewer, Dr. Narapareddy has published numerous case studies and articles. She is President and co-founder of ITBC, Inc., an international technology and business consulting firm. She serves on the advisory board of Lutz Lutz, a Franco-Chilean company. She is also on the editorial review boards of two prominent case journals, the Case Research Journal and the Journal of STEM (Science, Technology, Engineering, and math) Education: Innovations and Research. In addition, Dr. Narapareddy enjoys serving as a reviewer for numerous professional associations and prestigious foundations in North America. She is currently the chair of the Environmental and Social Entrepreneurship Track of the North American Case Research Association.
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