The Smith Challenge

A message from President Garner to current pledge holders:

Your generous financial commitment to Extraordinary Opportunities: The Campaign for Cornell has already made a positive impact on the education our students receive. We are now within $4 million of our $92 million campaign goal. Today I ask you to consider an unusual challenge from Campaign and Board of Trustees Chair John Smith ’71 and his wife, Dyan, to accelerate your pledge payments.

As I recently wrote in a letter to all Cornellians, the turmoil in the economy has put a strain on the college’s endowment and overall financial situation.  The value of the endowment declined sharply in 2008, and because of the resulting pressure on the operating budget, Cornell is not in a position to take on the debt to move forward on capital projects before the  pledges for those projects are paid.

At the February Board of Trustees meeting John realized there was a tremendous need, that campaign pledges paid now will accelerate the recovery of the endowment and enable us to move forward with important projects. He and Dyan have very generously offered a challenge to those who have already pledged to the campaign: each dollar you pay at an accelerated rate on your pledge before 12-31-09, the Smiths will match 1:1 by paying off their $5 million pledge at an accelerated rate.

Very simply, John hopes to provide Cornell with the funds to further campaign priorities such as The Commons renovation and growth of the endowment as soon as possible. The need is immediate.

Many of you have responded positively to my recent letter.  Thank you for those responses. We are also encouraged by the response to the follow-up letter from Peter Wilch ’94, Vice President for Alumni and College Advancement, asking for help now.  We hope to build upon that strong response as John and Dyan offer this challenge.

If it is possible for you, please consider joining John and Dyan in accelerating your pledge payments.  Should you have questions regarding your current pledge please contact Peter Wilch by telephone at 319-895-4315 or by email at pwilch @ cornellcollege.edu. 

Thank you again for your generosity to the Hilltop and your thoughtful consideration of John and Dyan’s challenge.

Regards,


Les Garner
President