EXCLUSIVE: USC hits $1 billion fundraising goal

The University of South Carolina has completed its seven-year, $1 billion fundraising campaign, the school will announce Wednesday.

Contributions to the campaign have helped cover costs for the new Darla Moore School of Business and Law School buildings, two of the school’s largest construction projects; the McNair aerospace space center; and sports facilities, including new administration and academic buildings, and a video board and plaza at Williams-Brice Stadium.

“This campaign began during the recent deep financial crisis, but we moved forward because we had the need and we had a great case to make,” USC President Harris Pastides said in a statement. “(T)he ultimate goal was not just to raise the money. The goal was to support college access and affordability for our students and their families, and to advance the excellence of Carolina’s already fine programs and outstanding faculty.”

David Seaton, a USC alum who is chairman and chief executive officer of the Fluor Corp., led the campaign called Carolina’s Promise.

More than half the total was raised from individuals. Corporations, foundations and other organizations contributed the rest.

The school collected more than $500 million in cash gifts. USC is waiting on pledges of another $200 million. In-kind gifts, including software and equipment, accounted for $130 million in contributions, while $150 million came from planned gifts, including bequests.

Donors designated about $930 million in contributions to be used for specific purposes.

USC has about $70 million in gifts with no restrictions that “will be earmarked by the university for areas of greatest need,” the school said.

Clemson University, the state’s second-largest public university, also has a $1 billion fund-aising campaign underway. That campaign, started nine years ago, is close to reaching its goal. The school has raised $923 million with a year to go.

This story was originally published July 1, 2015 at 12:02 AM with the headline "EXCLUSIVE: USC hits $1 billion fundraising goal."