As state-allocated funds dwindle, Iowa State has met its $50 million mark in private donations two years after announcing the goal.

The fund-raising was part of the Investing in People Initiative, introduced by ISU President Gregory Geoffroy in his installation speech in Oct. 2001.

In light of the tuition increases during the past few years, the money donated is very important, said ISU Foundation President Dan Saftig.

Saftig said student support and graduate student fellowship programs will receive $39.7 million and faculty support through chairs, professorships and faculty fellowships will receive $11.8 million.

Ann Wilson, director of communications for the ISU Foundation, said the original goal of $50 million was surpassed, with the university reaching $51.5 million in donations.

Of that, $44.6 million was in endowed gifts specified by donors and will provide a perpetual source of funding, and the other $6.9 million are one-time-use dollars, she said.

The initiative serves to fund faculty positions and student scholarships. Faculty positions, including 11 existing and six new chairs and professorships and two new faculty fellowships, will be supported by the funds, Wilson said.

Saftig said Iowa State does a lot of investing in building and facilities, which are important, but outstanding people need to be inside those facilities.

“The initiative provides funding to attract and retain students and the best faculty members for the university,” Saftig said.

Without private funding from alumni, friends of Iowa State and businesses, the 3,200 students who received scholarships totaling $9.9 million would not have been possible, he said.

Wilson said funds for students were placed into 577 existing accounts and created 172 new student support accounts.

Iowa State has a long-standing tradition of private support, Saftig said.

The initiative focuses on people at a time when double-digit tuition increases are affecting students, he said.

“The initiative is a targeted program that came along at the right time,” he said.

The private gifts are not meant to fund essentials, such as the electric bill, and are different than core funding because donors can specify where his or her money is directed, he said.

“Private support can help protect and advance the well-roundedness and excellence of an Iowa State education,” Saftig said.