University Park, Pa. -- Penn State received $42.9 million in gifts from alumni and friends in December 2005 -- the highest total ever for a single month, President Graham B. Spanier reported to the Board of Trustees last week.
The previous record was $35.3 million in December 1999.
"Several factors converged to allow us to accomplish such a feat," Spanier said. "For example, improvements in the financial markets have made securities a more attractive gift vehicle for donors. We ended the first six months of fiscal year 2006 with about $12.8 million in securities gifts, the highest total we've had at this point in the last five years."
He also attributed the upsurge to post-Katrina legislation that raised the charitable giving limit for tax deductions, prompting a number of donors to make major gifts.
"In addition, even though we are not in a University-wide fund-raising campaign, our alumni and friends recognize that Penn State has numerous compelling needs that only philanthropy can meet," Spanier said, "and we are extremely grateful for their continued generosity."
Philanthropic support typically is directed to scholarships and graduate fellowships, faculty endowments, library and laboratory acquisitions, equipment upgrades and many other purposes for which state and federal funds are inadequate or unavailable.
For the six months ending Dec. 31, 2005, giving to the University totaled about $98 million.