What MBAs & BBAs need to know about this year's class gift
Laura Mehaffey, 2007 Class Gift Committee
Issue date: 4/3/07 Section: Inside Ross
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Last week marked the official kick off to the 27th Annual Class Gift Campaign at the Stephen M. Ross School of Business. Each year, graduating MBA and BBA students join the tradition and pledge funds to support ongoing programs at Ross. Last year's MBA and BBA classes had participation rates of 95% and 53% respectively. The record for MBA participation was 98% in 2005. Adam Nielsen MBA '05, now Vice President at Deloitte & Touche Corporate Finance LLC was the class gift leader for his class and states, "One of the greatest things about the Ross School of Business is that the school's faculty, staff and student body are committed to improving every year. Building a new building...climbing again in the rankings...building a more globally-minded Action Based Learning program...All very recent improvements. In 2005, my class set the high watermark for MBA class gift participation at 98%. I am proud of that legacy, but I know the bar can be raised yet again, and I challenge the class of 2007 to be the class that commits to taking class gift participation to new heights."
In order to kick off the campaign, MBA students gathered with their sections at various bars around Ann Arbor last Wednesday. "The section kick off events were a chance for Class Gift Ambassadors from each section to informally chat with sectionmates about the importance of the campaign" said Jennie McConaghy, 2007 Class Gift Co-Chair. The campaign lasts for two weeks and students can give at www.bus.umich.edu/classpledge.
Why should I give?
Participation in the Class Gift demonstrates the success of Ross alumni, satisfaction with the educational program at The Ross School of Business, and overall pride in our program.
The Ross School of Business is supported through four primary sources including an allocation from the University's General Fund, the Executive Education program profits, research and development grants and revenues, and private support. As the University's General Fund declines due to economic conditions, the need for private alumni funding is critical for funding not only day to day operations, but also to fund the school's growth and expansion.
Our participation rate affects our ability to secure grants from National Foundations and Corporations. Additionally, our class gift participation rate is an important component to MBA program rankings in leading publications such as US News and World Report. We are compared to other top programs such as Wharton, Harvard, and Stanford and over the last several years, our efforts have been in line with participation rates from peer schools ranging from 80-99%.
What is the Class Gift?
Last week, students voted on the Class Gift and this year's options included artwork for the sculpture garden, a green roof for the new facility, and an endowment in Michigan's Ross School of Business Loan Assistance Repayment Plan (LRAP). At the official Class Gift kick off event two weeks ago, the LRAP was announced as the winning Class Gift.
The purpose of LRAP is to encourage graduates to pursue positions in the public sector by reducing their debt burden. According to the Office of Admissions, the program will also serve "to attract a diverse group of highly qualified prospective students and to expand the career options of its graduates by actively encouraging them to help fill the need for skilled managers in nonprofit and public sector organizations."
Other top ranked business schools such as Stanford, Harvard, and Kellogg have similar loan repayment programs. In fact, the class of 2005 at Columbia Business School pledged over $500,000 to their non-profit loan assistance program. The Ross LRAP program will further enhance our role in the non-profit space, serve as a significant recruiting tool for incoming students, and keep Ross competitive with other top MBA programs.
This year, an anonymous donor who cares deeply about the LRAP program has issued a challenge to the Class of 2007. For each section that reaches 75% participation by April 6 (the 10th day of the campaign), the donor will contribute a minimum of $5,000 to the LRAP endowment in that section's honor. If all six sections meet this challenge, the donor will contribute $30,000 to the endowment, which will significantly increase the impact of our gift.
Are there any alternatives to the Class Gift?
When you make your pledge, you also have the option to give a portion of your gift to the Dean's Unrestricted Annual Fund. The purpose of the fund is to support innovation in the Ross Community. Past projects include MAP projects, faculty initiatives, and funding for student led programs.
Do I have to pay now?
The class gift is payable over two years. Payment is due October 2007 and October 2008 and you have the flexibility to allocate your gift amounts in each period. For example, a total gift of $500 can be allocated as $200 in October 2007 and $300 in October 2008. The Class Gift program offers the flexibility to design a giving program that works for you.
Can my future employer match my gift?
Most employers offer a matching gift program. When you make your pledge online, you can click on a link that will give you all of the information on your company's matching gift program. More information can be found at: www.bus.umich.edu/AlumniCommunity/MatchingGift.htm.
Are gifts tax deductible?
Yes. Contributions to The Ross School of Business are deductible from federal income tax if the filer itemizes deductions. Michigan income taxpayers are also entitled to a Michigan tax credit.
How do I give?
Just go to www.bus.umich.edu/classpledge to pledge your gift online. Representatives from your sections will also be contacting you with more information the program. From March 28th through April 11th, you can also visit the Class Gift Pledge Table in the Executive Lounge Monday-Thursday from 11 AM-1 PM.
In order to kick off the campaign, MBA students gathered with their sections at various bars around Ann Arbor last Wednesday. "The section kick off events were a chance for Class Gift Ambassadors from each section to informally chat with sectionmates about the importance of the campaign" said Jennie McConaghy, 2007 Class Gift Co-Chair. The campaign lasts for two weeks and students can give at www.bus.umich.edu/classpledge.
Why should I give?
Participation in the Class Gift demonstrates the success of Ross alumni, satisfaction with the educational program at The Ross School of Business, and overall pride in our program.
The Ross School of Business is supported through four primary sources including an allocation from the University's General Fund, the Executive Education program profits, research and development grants and revenues, and private support. As the University's General Fund declines due to economic conditions, the need for private alumni funding is critical for funding not only day to day operations, but also to fund the school's growth and expansion.
Our participation rate affects our ability to secure grants from National Foundations and Corporations. Additionally, our class gift participation rate is an important component to MBA program rankings in leading publications such as US News and World Report. We are compared to other top programs such as Wharton, Harvard, and Stanford and over the last several years, our efforts have been in line with participation rates from peer schools ranging from 80-99%.
What is the Class Gift?
Last week, students voted on the Class Gift and this year's options included artwork for the sculpture garden, a green roof for the new facility, and an endowment in Michigan's Ross School of Business Loan Assistance Repayment Plan (LRAP). At the official Class Gift kick off event two weeks ago, the LRAP was announced as the winning Class Gift.
The purpose of LRAP is to encourage graduates to pursue positions in the public sector by reducing their debt burden. According to the Office of Admissions, the program will also serve "to attract a diverse group of highly qualified prospective students and to expand the career options of its graduates by actively encouraging them to help fill the need for skilled managers in nonprofit and public sector organizations."
Other top ranked business schools such as Stanford, Harvard, and Kellogg have similar loan repayment programs. In fact, the class of 2005 at Columbia Business School pledged over $500,000 to their non-profit loan assistance program. The Ross LRAP program will further enhance our role in the non-profit space, serve as a significant recruiting tool for incoming students, and keep Ross competitive with other top MBA programs.
This year, an anonymous donor who cares deeply about the LRAP program has issued a challenge to the Class of 2007. For each section that reaches 75% participation by April 6 (the 10th day of the campaign), the donor will contribute a minimum of $5,000 to the LRAP endowment in that section's honor. If all six sections meet this challenge, the donor will contribute $30,000 to the endowment, which will significantly increase the impact of our gift.
Are there any alternatives to the Class Gift?
When you make your pledge, you also have the option to give a portion of your gift to the Dean's Unrestricted Annual Fund. The purpose of the fund is to support innovation in the Ross Community. Past projects include MAP projects, faculty initiatives, and funding for student led programs.
Do I have to pay now?
The class gift is payable over two years. Payment is due October 2007 and October 2008 and you have the flexibility to allocate your gift amounts in each period. For example, a total gift of $500 can be allocated as $200 in October 2007 and $300 in October 2008. The Class Gift program offers the flexibility to design a giving program that works for you.
Can my future employer match my gift?
Most employers offer a matching gift program. When you make your pledge online, you can click on a link that will give you all of the information on your company's matching gift program. More information can be found at: www.bus.umich.edu/AlumniCommunity/MatchingGift.htm.
Are gifts tax deductible?
Yes. Contributions to The Ross School of Business are deductible from federal income tax if the filer itemizes deductions. Michigan income taxpayers are also entitled to a Michigan tax credit.
How do I give?
Just go to www.bus.umich.edu/classpledge to pledge your gift online. Representatives from your sections will also be contacting you with more information the program. From March 28th through April 11th, you can also visit the Class Gift Pledge Table in the Executive Lounge Monday-Thursday from 11 AM-1 PM.
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