Fisk University, faced with persistent questions about its financial condition and future viability, ended its fiscal year June 30 with a balanced budget, although the university’s enhanced annual fund raising drive this winter and spring fell far short of its widely publicized and admittedly ambitious goal, say higher education and Fisk sources familiar with the institution’s efforts.
Fisk raised roughly $3.8 million between January and the end of June, the university advised its alumni late last month in a letter. Fisk officials had said several times since the start of this calendar year that they wanted to raise $8 million by the end of June (the end of the university’s 2012 fiscal year) to meet current needs and help demonstrate to doubters the ailing university was viable.
“The environment is not receptive to Fisk at this point,” said a Fisk ally intimately involved in the most recent and past efforts to raise funds the once-prestigious Nashville-based liberal arts institution.
The Fisk ally and several others interviewed said the amount raised this year was less than that for the similar period a year ago, despite the stepped up fundraising effort, boosted with salary support from the Kresge Foundation for additional staffers.
Since January, Fisk has hired a new advancement officer and several assistants to expand its outreach. The team had an internal goal of $4 million. The expanded campaign this year included more calling to more people, creation of narrowly defined affinity groups of Fisk supporters and small fundraising events across the country, all making the case for boosted financial support for Fisk.
Fisk made no official comment regarding the latest snapshot of its finances and fundraising strength. A significant showing of long-term financial viability is one of the mandates Fisk must address by fall to the Southern Association of Colleges and Schools (SACS), the major national higher education accrediting agency for colleges and universities in the South.
SACS, which has placed Fisk on probation, is set to decide in December whether to take additional punitive steps against the university which has repeatedly failed to win a clean bill of health from the agency in the university’s bid for reaffirmation of its accreditation. Reaffirmation by SACS would ensure Fisk would be able to qualify for federal funds for student support, a key source of income for the historic institution. Fisk is due to file a SACS “monitoring” report this fall. It will be used by SACS to arrive at its December decisions.
