In 2008-2009, revenues at the Johnson School grew at a modest 4.2 percent, as global economic events negatively impacted individual and corporate giving. The school continued to invest in strategic priorities—such as opening a new Cornell-Queen's Executive MBA Program boardroom in New Hampshire to serve the greater Boston area—while it made cuts in general expenses to control expense growth.
In spite of the economy, the Johnson School posted a very successful Annual Fund campaign, raising $1.84 million—the second highest amount in our history—thanks to the generosity of our alumni, friends, corporations, and foundations. However, we experienced a notable decrease in support for Far Above...The Campaign for Cornell, raising a total of $7.54 million in new cash gifts and new commitments toward the Johnson School's $100 million goal—the lowest annual amount raised since the inception of the campaign. Cash gifts to the Johnson School, including fulfillments from previous years' pledges, accounted for $7.9 million in revenue in 2008-2009.
Campaign contributions included $3.2 million toward the Johnson School's endowment this year. Continued growth in our endowment comes both from investment performance and gifts from donors; the 2008-2009 market value of the school's endowment is $134 million. This year, donors created new endowments for three student scholarships and one professorship.
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