Gaudy Year Telephone Campaign
The Annual Fund continues to raise money for various projects, both existing and new, which otherwise would not be able to be entertained given existing resources. Building projects, IT projects and Student support have all featured since its inception eight years ago, and over £3 million has been raised.
There is now a new proposal for the Fund which is consistent with the aims and objectives of the Christ Church continuous development plan, In perpetuity, in that it looks for a permanent solution to the educational needs of the whole House.
Christ Church currently spends approximately £100,000 in bursary/ hardship/ scholarship support, of which the majority is means related. This sum is additional to the support given by various trusts funds and has to be found from annual expenditure. Of that, contributions to the Annual Fund account for (on average) £80,000 per annum; but it is hand to mouth and, even at current level of fees, insufficient.
The need for bursary support will very probably increase when the fee cap comes off; but it is not certain by how much. Oxford University Opportunity Bursaries help, but are only applicable to very restricted income categories, leaving a hardship trap for many who do not qualify.
Bursary support and needs blind admissions are the flip side of the coin to an admissions process free from quotas or social engineering. It is thus imperative that Christ Church builds up a fund to assist those who without such financial support would otherwise be unable to accept the opportunity of an Oxford education.
The purpose of the new scheme is to increase the amount available for bursary support in total and to build up an endowment fund for a permanent solution. Since 2007, the annual telephone campaign will concentrate entirely on bursary support targeting Old Members in their gaudy years.
Alumni are encouraged to give 25% of any bursary gift towards beginning to build a permanent and meaningful endowment fund. To date £275,000 has also been gifted to the endowment fund from Old Members of the Loder’s Club and the first gaudy year telephone campaign raised £75,000.
Over time the aim is to build an endowment fund of £3.5 million for this purpose.
The Moritz and Heyman Donation
In June 2008 Christ Church was delighted to announce an endowment donation of £25 million form Michael Moritz (1973) and his wife Harriet Heyman. This is the largest single donation in the college’s history.
The impact of the donation has been felt beyond the boundaries of Christ Church and the terms of the donation are explained in full on the university website: http://www.campaign.ox.ac.uk/
The gift will be invested to generate additional income for the main educational and cultural purposes of the college, and to preserve and modernize its historic buildings. It provides a magnificent beginning to the second phase of Christ Church’s Campaign, helping to launch the new idea of Continuous Funding, with a comprehensive programme for the whole House. The objective of which is to build the endowment, and secure the college’s long-term financial future.
A review of long-term college commitments, and plans for strategic growth and redevelopment, have made clear that the college’s present endowment – valued at around £250m in July 2007 - is insufficient to cover our planned annual expenditure. An increase to the permanent endownment of £44m is required to offset the deficit, and the exceptional generosity of the Moritz Heyman gift has given us a substantial and timely incentive to achieve this target. This expansion would generate additional income of some £2.5-3m per annum, which is needed to guarantee the long-term continuation of the tutorial system, and to modernize and continuously to refurbish and develop the historic buildings of a major heritage site.
A gift of this size and scope, devoted to the key purposes of collegiate education, is the most precious gift an Oxford college can receive. It enables it to pursue precisely those things Oxford does best: undergraduate teaching, post-graduate research-training, and academic research, and to do it in an intellectually lively and rich cultural environment, where disciplines mix, and students and teachers live and work alongside one another.
The gift will add some £800,000 to the college’s current annual income, which can be spent on academic posts, student support, and capital development projects. Particular benefits will also accrue to the University as a whole with joint academic posts (including fixed-term fellowships in science), full bursary support for science graduates and improved access to fee remissions and other forms of support for undergraduates.
The gift also contains an incentive mechanism to encourage giving by younger generations of Christ Church alumni: one-eighth of the annual income will only be released from the Fund when matching donations of £3 million are made by recent Christ Church alumni (initially those who matriculated in 1983 or later).
The total sum is to be invested in Oxford University Asset Management, the University of Oxford’s new collective investment vehicle. Under the terms of the gift, Christ Church has also transferred £75m of its existing portfolio into the OUAM fund.