From Springtime Success to Summer Challenges: Meeting Our Goals for the New Ransom Center
Bill Aylor of Lake/Flato at the Advisory Council meeting in April. Photograph by Pete Smith.
Architectural rendering of Prothro Event Hall and Theater, Lake/Flato Architects. Photograph by Pete Smith.
The Ransom Center's development efforts have focused on raising the funds needed to complete construction of the widely anticipated new Ransom Center.
We began the year with a gift for construction of $80,000 from the Tocker Foundation. In March we received a $20,000 gift from the Rosa May Griffin Foundation, also for construction. Because the Griffin Foundation is a first time donor to both the Ransom Center and The University of Texas at Austin we are especially pleased to have their investment in our project.
This spring the Center received $75,000 in additional gifts specifically earmarked for construction. Gifts from Advisory Council members and others have resulted in an additional $50,000 that also will be applied toward the cost of the construction project. In early May we learned the Ransom Center will be the recipient of a $250,000 challenge grant from a highly respected local foundation. When this gift is confirmed a major announcement is planned.
On May 10, 2001 the Board of Regents approved the final plans and budget for the dramatic renovation of the Center. The cost for the project is now fixed at $13.7 million, of which $9.4 million must be raised by the Ransom Center. Having already garnered over $6 million toward our goal, we now need just under $3 million to complete the project.
Later in May, President Faulkner approved the Ransom Center's request to approach the Kresge Foundation of Troy, Michigan. The Kresge Foundation gives challenge grants for capital projects; however, their primary interest is in building institutional capacity. Kresge seeks to broaden an organization's base of private support and volunteer involvement by challenging others to meet a campaign goal within a specific time frame. We are eager to build on our success this spring by meeting the challenges before us as we prepare to enter the final stretch of fundraising for the new Ransom Center.
— Tom Galyean, Development Coordinator