Key details
Date
- 11 February 2009
Author
- RCA
Read time
- 1 minute
The James Dyson Foundation’s recent £5-million gift releases more than £1.6m from a government-led matched funding scheme that aims to increase voluntary giving to higher education providers, thus placing the Royal College of Art amongst the handful of HEIs who have raised significant donations since the scheme began in August 2008.
Key details
Date
- 11 February 2009
Author
- RCA
Read time
- 1 minute
The scheme for voluntary giving to English Higher Education Institutions is conducted under the auspices of the Department of Innovation, Universities and Skills (DIUS), and is worth £200 million. It will run until 31st July 2011.
The ‘Voluntary Giving’ initiative is designed to encourage more universities of all shapes and sizes to boost their fundraising efforts and stimulate further investment in higher education from individuals and private investors, many of whom have benefited from a university education.
The scheme operates on a three-tier basis designed to allow institutions to set their own fundraising aspirations. The top tier, to which the Royal College of Art belongs, is the most challenging but potentially rewarding, funded on a 3:1 private-to-public funding ratio, with a maximum cap of £2.7 million. The second tier, on a 2:1 basis, is capped at £1.35 million, and the third, on a 1:1 basis, is capped at _place_holder; £200,000.
John Denham, Secretary of State for Innovation, Universities and Skills says:
"It is very encouraging to see that universities and colleges are continuing to build positive relationships with donors and that even in challenging economic times, those that can give are still prepared to do so. Institutions raised over £400 million from donors in 2006/07 and over the next three years we hope they can lay the foundations for the future and generate extra funds which we are supporting with our £200 million matched funding scheme.”
Professor David Eastwood, Chief Executive of the Higher Education Funding Council for England, who administer the scheme for the Government, added:
"This is excellent news in difficult and challenging times and just the kind of donation HEFCE and the government want to encourage. We look forward to topping up through the matched funding scheme this very generous gift from an industrialist to a higher education institution – in this case the Royal College of Art. Congratulations are due, all round."