By John R. Thelin;Richard W. Trollinger
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Additional info for Philanthropy and American Higher Education (Philanthropy and Education) by John R. Thelin (2014-08-13)
These actual dollar amounts along with contemporary equivalents adjusted for inflation reinforce the claim that the gifts were large. The liability of largesse was that the gifts were often windfalls—one time occurrences—whose stewardship was not always characterized by systematic planning or careful spending. As a result, some of these universities that enjoyed large gifts faced abrupt disappointments. Clark University in Worcester, Massachusetts exhausted its major gift by spending on campus construction—a priority that caused it to lose many of its top professors who left to accept faculty appointments at the young, thriving University of Chicago.
Cheit described as “higher education’s new depression,” whose clouds had been sighted on the horizon as early as 1973, and threatened to be an extended monsoon season that lasted over a decade. 35 The financial condition of higher education was sufficiently weak that the Carnegie Commission on the Future of Higher Education estimated that somewhere between one-fourth and one-third of American colleges were at risk of having to shut down. 36 Contrary to the grim predictions, almost all colleges and universities did survive the turbulent 1980s.
Gates that provided a code of conduct along with strategies to those whose work was to “canvass” for charitable gifts. 17 Within this group of institutions that were beneficiaries of philanthropic generosity, colleges and universities were particular favorites of the major donors in the late nineteenth century. Higher education’s 20 Philanthropy and American Higher Education good fortune was that many of the new capitalists opted to build magnificent campus architecture and even to endow namesake colleges, such as Vanderbilt, Johns Hopkins, Cornell, Carnegie, Clark, Tulane, Mellon, Tufts, Stanford, Tulane, and Rice that flourished as new universities.