Third Century Fund Final Report

The shields on the cover page symbolize some of the highlights and major achievements which are now a part of the Dartmouth history leading to the 1969-70 Bicentennial. The sustained 15 year thrust which carried Dartmouth through these very critical and important years began in the early 1950's when President Dickey and the Trustees began to plan and organize for a major effort to bring the College to "preeminence in all things" by the Bicentennial year. To this cause the College marshalled all possible human resources calling, through various Trustee and other committees, upon its alumni, the faculty and students, and parents and friends.

Created in 1955 the Trustee Planning Committee (TPC) immediately began to launch studies into every area of College programs and purposes. Ultimately a total of 23 sub-committees were created ranging from Academic Facilities, Admissions, and Athletics to committees on the Tuck School and use of College Plant. Financial Aid, Health, Campus and Community Life, Size of the College, were all studies by such sub-committees which then issued detailed recommendations for consideration by the Trustee Planning Committee and eventual decisions by the full Board of Trustees.

Considerable impetus and encouragement was provided to these studies by the 200th Anniversary Development Program, the first major capital gifts campaign in the College's history. This campaign was conducted during 1957-1959, under the chairmanship of Trustee Charles J. Zimmerman '23, and raised $17.5 million, some $500,000 over the goal. Most of these funds went for plant purposes and made possible the Hopkins Center, Leverone Field House, and other plant additions and renovations. Shortly thereafter a limited campaign was launched to raise $10,000,000 to help refound the Dartmouth Medical School.

During the early 1960's the College moved ahead vigorously on many fronts. Graduate programs were added selectively in a number of areas, while in 1962 Dartmouth launched its first full time summer term as a natural outgrowth of the 3-course, 3-term, curriculum which had been introduced in 1959. The opening of the new Kiewit Computation Center provided almost 80 percent of the undergraduates with direct "hands on" programming experience. Undergraduate life was further enriched by the expanding programs in foreign studies and by new service opportunities through the William Jewett Tucker Foundation.

By 1965 with most reports and recommendations from Trustee subcommittees in hand it was clear that major new funds had to be sought to assure the College's financial stability in the face of necessarily expanded programs and mounting inflation. The College's endowments for such major areas as financial aid, faculty compensation, library and academic programs all needed bolstering. Detailed recommendations, thorough analysis and selection of priorities and final, anguished pruning,, produced the ultimate decision to mount a second major capital campaign, Dartmouth's Third Century Fund—with a goal of $51 million, precisely three times the total sought a decade earlier.

In September, 1967, a six page leaflet carrying the spiral, block—D symbol of the Third Century Fund went into the mail to all alumni. The announcement revealed the Trustees' decision to launch the Third Century Fund campaign with a goal of $5l million with the campaign to conclude during Dartmouth's 1969-70 Bicentennial year. Trustee Rupert C. Thompson, Jr. '28 was named as chairman for the effort while at the same time it was announced that the Trustees had already made advance commitments of $5,172,000 to establish a Trustee nucleus fund. (This trustee nucleus fund ultimately totaled $6,576,000). Finally, it was announced that the annual Alumni Fund would be continued throughout the Third Century Fund period.

Following this announcement the Third Century Fund organization began formation under the guidance of an Executive Committee and early solicitation for major gifts got underway. By year end, 1967, the Third Century Fund showed a fine total of $11,567,000 from only 162 donors. During 1968 regional offices were opened in Boston, Chicago, Cleveland and Concord, N. H. to augment the national campaign headquarters in New York City. Regular monthly issues of the campaign newspaper Fifty-One Million began going out to all alumni from Hanover, and a start was made in establishing regional committees in some 120 areas of the nation. By December, 1968 the Third Century Fund totals stood at $22,600,000 and 1,095 donors.

The 1969-70 year marked Dartmouth's historic Bicentennial celebration and it was during this period that the most intensive campaign activity was mounted as all the regional committees began approaching alumni, parents and friends in their areas.

In June, 1969. a major Bicentennial convocation was held in Hanover during the Commencement weekend, with Lord and Lady Dartmouth as honored guests. The Third Century Fund totals were announced then at $30,600,000 from 2,622 donors. Almost exactly six months later, on Saturday, December 13, 1969, the College hosted its major Charter Day dinner in Hanover to observe the 200th anniversary of the signing of the College Charter and to honor President Dickey on his retirement. During the Charter Day program it was announced that the Third Century Fund had reached a new total of $43,250,000.

The early campaign schedule had called for a final six months push in the first half of 1970 to wind up the Third Century Fund by June 30, 1970 and to coincide with the observance of Dartmouth's 200th Commencement. However, a severe decline in the stock market coupled with the advent of a recession in the general economy created understandable problems in this kind of major fund raising. The Third Century Fund by June, 1970 had reached $46,750,000, almost $5 million short of the $5l million goal. The Third Century Fund Executive Committee firmly believed that the full goal could be achieved by year-end, and encouraged all volunteers to redouble their efforts throughout the remaining months of that year. On December 30, 1970, the announcement went out from Hanover to all Third Century Fund workers that the $51 million goal has been successfully achieved, and "we are still counting!" By March 31, 1971, as the books closed a day before the 1971 Alumni Fund officially got underway, the final Third Century Fund had reached the magnificent total of $53,273,000 with 8,812 contributors.

It should be noted that throughout this entire period the Alumni Fund continued its annual campaigns, raising more than $2 million in each year and a total of $6.3 million during the Third Century Fund period. The trustees and Alumni Council had approved in 1967 a decision to continue the Alumni Fund and to ask each alumnus to place first priority on sup porting it. This policy explains the reason for a 25% alumni participate figure for the Third Century campaign against a nearly 60% participation for the Alumni Fund.

The proceeds from The Third Century Fund are already at work serving the College as it enters a new third century. Some $3l million (60%) has been added to Dartmouth's endowment portfolio with the substantial income yield providing fresh strength for faculty compensation, financial aid and library resources. Other TCF funds have gone to finance plant expansion and for programs at the graduate schools (The Medical School, Tuck School, and the Thayer School of Engineering), while commitments to athletic facilities include funds for additional seating at Memorial Field and a $1 million re- serve for a proposed new hockey rink. A current use component of $6 million is being used to make up for what would have been normal growth of the annual Alumni Fund and to help meet rising costs due to severe inflation.

The total of all expenses for conducting the Third Century Fund cam- paign amounted to a modest $2.1 million, only 4%. Most of these expenses were met from the income earned on early campaign gifts, and did not draw on campaign gifts.

The Third Century Fund total includes many commitments extending over a period of three years or more, but as this report is prepared campaign gifts received stand at almost $42,000,000, and most of the remaining balance is expected to come in during the 1971-72 year.

The Dartmouth Third Century Fund is over. This report is a final record of the outcome. The more lasting record and testimony will not be found here, but in the Dartmouth College which stands on Hanover Plain and which will stand stronger and greater throughout its Third Century because of this achievement.