The importance of having Bard continue as a beacon for higher education—its exemplary commitment to the liberal arts and its spectacular success in developing innovative programs for providing access to rigorous, high-quality education for new populations around the world—was a motivating factor for George Soros and the Open Society Foundations to commit to a pledge of $500 million for Bard’s unrestricted endowment. This pledge ranks among the largest commitments to higher education in the United States in recent memory.
The Challenge
This pledge is one of the largest in the history of US higher education. In April 2021, the College publicly announced that the first half of that amount, $250 million, was raised from trustees, alumni/ae, and friends, all of whom have made their own pledges due to their belief in Bard’s distinctive mission. We have raised over $401 million and we have until December 31, 2025 to raise the rest. All donors can participate in the challenge through a planned gift or a direct contribution to the match that will ensure Bard will forever be able to provide its students with an excellent education in the liberal arts and sciences.
Endowment Progress
Bard's endowment campaign is in its final phase, coming ever closer to raising the $500 million needed to match the $500 million pledged by the Open Society Foundations. This unrestricted commitment to Bard recognizes its distinctive role in higher education, one that develops well-rounded, thoughtful and engaged citizens, who participate fully in civic life. Bard students flourish as individuals pursuing their passions within a community formed by the intellectual grounding of the liberal arts and sciences.
What is an endowment?
An endowment is a pool of invested assets created to provide a financial return to a nonprofit institution. By maintaining the investments over a long period of time, a portion of the financial returns provide a steady stream of cash income, called the endowment draw.
An institution’s Trustees set spending controls to ensure that the endowment draw is consistent and does not exceed the returns on the endowment’s assets, which allows income to accrue in perpetuity. The draw amount, often 5% of the principal amount, is what is available in any given year.
An institution’s Trustees set spending controls to ensure that the endowment draw is consistent and does not exceed the returns on the endowment’s assets, which allows income to accrue in perpetuity. The draw amount, often 5% of the principal amount, is what is available in any given year.
How will the endowment affect Bard?
This larger endowment will provide an important additional stream of income to sustain Bard and will act as an insurance policy when other forms of income are under pressure. In that sense, it eliminates existential risk and sets Bard on a pathway of greater financial self-determination. The College will be able to meet its existing budgets without having to sacrifice quality to pursue its mission.
Endowment funds must be invested for at least a year before the institution can take the endowment draw. Bard will begin to receive a benefit from the endowment pledge in the 2022 fiscal year, and the proceeds will help Bard to meet core operating expenses.
Endowment funds must be invested for at least a year before the institution can take the endowment draw. Bard will begin to receive a benefit from the endowment pledge in the 2022 fiscal year, and the proceeds will help Bard to meet core operating expenses.
How can I help with the challenge?
There are two ways that anyone can help Bard meet the challenge.
Donors who disclose a planned commitment to Bard are recognized as members of the Margaret and John Bard Society. For more information, write to [email protected].
- Bard’s endowment is intended to provide long-term stability and to complement, rather than replace, funds available for basic operations. Therefore, the best way to ensure Bard’s endowment goes further and make an immediate impact is by making an annual gift to the Bard College Fund.
- Donors who specifically want to make a gift to the endowment challenge may do so through a planned gift or bequest. You can make a significant impact on Bard’s future by including Bard in your estate plans, or by designating Bard as a beneficiary of your retirement plan or other assets.
Donors who disclose a planned commitment to Bard are recognized as members of the Margaret and John Bard Society. For more information, write to [email protected].