Emory raises
$210 million

Despite challenges presented by an economic recession, Emory raised more than $210 million during fiscal year 2001-2002.

“I am not an economist, but this seems to me to be one of the shakiest times economically that I have known,” says William H. Fox, senior vice president for Institutional Advancement. “Many philanthropic organizations have indicated they will be giving less, and yet in this environment we still had a spectacular year.”

Of the total, $167.8 million came from organizations, more than $10.5 million from individuals (26,644 donors), and $13.8 million from trusts and bequests.

The Emory Annual Fund also had a banner year, raising a record $3,460,953 from 18,323 alumni, parents, and friends of the University, who are included in the individual donors total.



































































After two decades as Emory’s chief operating officer, Executive Vice President John Temple plans to retire at the end of the 2002-2003 academic year.

Since 1982, Temple has helped plot Emory’s trajectory from a small, regional university to an international research institution, doubling its staff and adding more than thirty buildings and several adjunct campuses. A catalyst for much of that growth was the Woodruff family’s $105 million gift in 1979.

Emory’s financial prosperity, Temple says, has been due to a blend of good fortune, substantial donations, and careful stewardship. But money alone has not carried the University to the stature it now occupies.

“We’ve got a great location, sitting in a residential neighborhood with trees all around us. We’ve had the generosity of friends, the support of the city of Atlanta, and strong leadership on the Board of Trustees and from the University administrative leadership. We supply a huge part of the medical care in Atlanta and the state,” Temple said. “What we’ve done in the past twenty years came from people believing in what we were doing and wanting to be a part of it.”

Temple oversees Emory’s investments and endowment, the construction of facilities, and an annual operating budget of more than $1.7 billion. Highlights of his leadership include financing the Dobbs University Center; leading the development of the Emory Conference Center hotel; computerizing human resources, purchasing, and accounting; adding the Briarcliff and Clairmont campuses; and seeing dozens of new buildings and support facilities from groundbreaking to completion–including, just this year, the Donna and Marvin Schwartz Center for Performing Arts.

During his tenure, Temple saw the endowment grow from $250 million to nearly $6 billion before the recent stock market slump. The endowment now stands at about $4.5 billion.

“We’ve gone down about a billion dollars, so of course spending and resources are down. In this environment, everything slows,” Temple says. “There won’t be the same level of building going on in the next few years as we’ve seen the last decade.”

Emory isn’t alone in this belt-tightening. The nation’s wealthiest and most heavily endowed universities–including Duke, MIT, Dartmouth, and Stanford–are experiencing the end of a fifteen-year boom that peaked in the late 1990s. The resulting budget cutbacks have slowed construction projects, program expansion, and staff and faculty hiring. Universities lost an average of 3.6 percent on their investments in 2001, and losses are expected to be even higher for 2002.

Emory’s endowment, the eighth largest in the nation, declined 14 percent in 2001 and 4 percent in 2002, causing employee benefits cuts and delays in planned expansions of a number of University programs.

“We all recognize that a university is more than just facilities,” Temple says. “It’s also about having high-quality faculty, programs, and students. That’s our priority.”

Emory President William M. Chace says the search for Temple’s replacement has begun. While Temple’s successor could come from either the academic or business world, Chace says, the candidate should “have considerable experience in managing large institutions comprising many people, many resources, and much ambition.”

Temple admits that it’s hard for him to retire at this juncture, as Emory faces the challenge of maintaining its health in a weakened economy.

“I’d love to be able to stay here and see things through,” he says. “But nobody can stay in place forever. Sooner or later, I had to turn it over to someone else. You have to look at what’s best for the institution.”

Not that he’s worried.

“Universities generally have a life of their own. Economies ebb and flow. But the University will be here a thousand years from now,” Temple says. “Emory is an institution that will prosper.”–M.J.L.

Other Précis articles:

A return to scholarship

End of an era

• Triumph of imagination

• A not-so-modest proposal

• Seeing with new eyes

• Faculty author resigns

• Way cool

• SAT prep made easy

• Remembering Michael C. Carlos

• Remembering Sanford S. Atwood

• Henry who?

• Awakening the demon

• Bringing science to life



© 2003 Emory University