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. Christ Church’s Continuous Development Plan, In Perpetuity, may be seen here.
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.
To see a video interview with Michael Moritz about this gift click here.
To listen to a BBC interview with Michael Moritz about his work, click on this link: BBC Interview with Michael Moritz - Adventure Capitalist