FAQs about Donating to Richmond
Q: WHY DOES RICHMOND ASK FOR DONATIONS?
Richmond is a private, not-for-profit university and as such receives no financial support from any government or other institution. The operating budget for each year is made up of income from tuition, room and board, from charitable annual gifts and other donations from fundraising. All donations are used to provide Richmond’s unique multi-cultural program.
Q: WHAT IS AN ANNUAL FUND?
Each year the University launches an annual fundraising initiative to enable donations to be made to the current year’s operating budget. Donations through the Annual Fund support all aspects of the University including faculty, the academic program, scholarships, extracurricular programs, residence life, IT and infrastructure to operate in two of London’s most expensive residential areas. Most of Richmond’s operating expenses are salaries, premises and program related. As Richmond has no endowment, money raised from an Annual Fund drive makes a very significant difference in daily operations
Q: WHO GIVES TO THE ANNUAL FUND?
People who are currently or have been involved in and care about Richmond make donations to the Annual fund: parents and families, faculty members, staff, trustees, governors, alumni and friends of Richmond contribute any size sum of money to enable the program to accomplish more for its students. Former students want to see their university grow and develop and many want to enable this to happen by getting involved and making donations..
Q: WHY NOT RAISE THE TUITION TO COVER THE TRUE COST OF THE RICHMOND PROGRAM
An increase in tuition can impose personal difficulties for parents who pay for their son or daughter’s education. In addition to exchange rates, the costs of living in the UK are high adding further to the price of a university education. Richmond is committed to have an economic mix of students, and many need financial assistance to study at Richmond. Donations that are tax deductible in the US or that qualify for Gift Aid in the UK help to bridge the gap and enable additional program goals to be realized each year.
Q: HOW LARGE A DONATION IS EXPECTED?
The size of a donation can range from £5 to £55,000 and higher. Whatever amount an individual is able to give is helpful. What is important is to achieve a high participation level as close to 100% since this indicates support and approval by the donors. A high level of participation in the Annual Fund is an important factor in Richmond obtaining further funds from corporations and grants.
Q: DOES RICHMOND HAVE AN ENDOWMENT?
A university’s endowment is like a savings or investment account from which a percentage of interest is regularly drawn. This provides another source of income in addition to tuition and donations. The creation of a substantial endowment is key for Richmond as we currently have none. Endowment funds provide additional income as well as stability and certainty to the institution in the same way as savings and investments do for individuals.
Q: WHAT IS THE DIFFERENCE BETWEEN A CAPITAL CAMPAIGN AND THE ANNUAL FUND?
Each fund serves a different purpose. The Annual Fund enables the university to add to its current operational budget for the year and to enrich the program and opportunities for students in that year. A Capital Campaign is established to accomplish the raising of funds for designated goals, such as Richmond raised funds to build the new library in 1999. A Capital Campaign designates priority areas for which funds are raised and include developing faculty excellence, upgrading the campuses with new facilities, purchasing new technology, refurbishing buildings and gardens. The University Trustees determine the theme(s) of Capital Campaigns.
Q: WHAT ARE THE ADVANTAGES OF MAKING A DONATION TO RICHMOND?
There are different advantages depending on the country from which the donation is being made. In the USA there are tax deduction advantages or in the UK Gift Aid enables the university to reclaim the amount of tax thereby enlarging the amount of the donation by as much as 28%. To everyone in any country making a donation, there is the knowledge and satisfaction of knowing that the money goes to the development of your university and to an immediate and important cause—our current students and program.
Q: HOW AND WHEN CAN I GIVE?
Your donation is needed whenever you are able to contribute to Richmond. Donations can be made in pounds sterling or in US dollars, by credit card, check, cash or stock. Checks for donations in dollars are made out to Richmond The American International University in London. Donations in pound sterling are made out to Richmond Foundation. All gifts go directly and only to Richmond.
Q. CAN I DESIGNATE HOW I WOULD LIKE MY GIFT TO BE USED?
Yes, all gifts can specify the area of the university you would like your donationt to go to. Some of the areas include scholarships for students from your own country, an academic department, student life, library, specific facilities etc. If you have no preference, then donations to the Annual Fund contribute to the general operations budget.
Q. DIDN’T MY FAMILY PAY ENOUGH MONEY WHEN I WAS A STUDENT?
Your university is located in two of London’s most expensive residential areas. In addition, the costs of operating and maintaining buildings that we do not own are very high. As many of you know, the cost of living in London is very high and goes higher with each year. Your tuition room and board costs when you were a student enabled the program and people of Richmond to be what it was then. Now your donations will develop Richmond to a higher standard more than it is today. Help to make your university the preeminent multi-cultural university in the world.
Q: WHY SHOULD I DONATE TO A UNIVERSITY IN A COUNTRY RICHER THAN MY OWN WHERE MONEY IS NEEDED EVEN MORE?
Making a donation is a very personal matter. Each person wants to help improve and develop different organizations and services and the decision is an individual one. Making a gift to Richmond will develop the university for today and the future and at the same time enhance the value of your Richmond diploma. All people associated with Richmond--past, present and future--will benefit as the University develops.
Link to this page: http://www.richmond.ac.uk/s/452.aspx
