Lake Forest College - Forester Yearbook (Lake Forest, IL)

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The FORESTER Published by lhe Junior Class of Lake F oresl College Volume XX May, 1916

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L? xx: W ., xg swf? ma - bw' ' 5X'..v ' E531

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4 THE FORES TER-IQI7 ew Endowment Fund for Lal-fe F oresz' College A campaign for more adequate endowment was started about three years ago when the General Education Board of New York Citv voted Lake Forest College a grant of 350,000 on condition that 3350000 additional be raised by june 30, 1914. Even before that the trustees had given and secured pledges for 3100.000 toward a new endowment fund. Because of the financial stringency of IQI3 and 1914 only half the total amount of 3400.000 was in sight in -lune. The European war came soon after, and though the time limit was extended to January 1, IQI6, the raising of sub- scriptions seemed a hopeless task. Then, in the spring of 1915, one of the trustees magnanimously raised his pledge from S-30,000 to SI3,0,000. on condition that the whole endowment, besides all other deficits should be completely covered by subscriptions by the end of the year. Other trustees doubled and quadrupled their original subscriptions, and pledges began coming in from friends who had before been unable to contribute, owing to general financial conditions. The whole amount needed, somewhat over S500000, was secured just before the expiration of the time limit, the last thousand being pledged late in the afternoon of December 31. As usual, in Lake Forest financial campaigns. the trustees have assumed the main burden, the total contributions of present and past members of the Board being just f5350,00o, or nearly three-fourths of the whole amount raised. Never- theless, the campaign is notable for the very wide participation of the .Xlumni and of friends outside the Board, principally our neighbors in Lake Forest. There were N5 pledges of 3500 or more, and .232 pledges in all, including lls by graduates or former students and II.l, by others. This indicates a diffusion of interest in the college among those who have hitherto had no part in its support, and an awakening of responsibility among the Alumni, that must develop with the years into a wholesome unanimity of helpful interest. The new endowment is largely given in the form of tive annual installments, beginning January, Iljlfj. Xl'hen these pledges are all paid, Lake Forest College will be in a relatively strong position, financially, among western colleges. The present endowment being three--quarters of a million, the new fund will give us well over a million dollars of permanent endowment. This will be sufficient to cover the operation of the college on the present scale. without delicit, and forms a solid basis for future development of the institution4the development of a Lake liorest College which shall be known and honored at home and abroad for its hue work and splendid influence.