RICHMOND (AP) — A Christian college founded by the Rev. Jerry Falwell wants to raise a $1 billion endowment, an ambitious move for a school with a small endowment at present, but a growing alumni base.
The drive promises to stretch the fundraising limits of Liberty University, which Mr. Falwell started in Lynchburg 34 years ago.
“We will need the blessing of God to be successful in this,” Mr. Falwell said Tuesday. “At the same time, we are quite confident that in the next 15 years, we will be successful.”
The cash would generate income providing at least $50 million annually in financial aid for students, Mr. Falwell said. Any additional income would go toward operations.
Forty-seven schools nationwide have $1 billion-plus endowments. Regent University in Virginia Beach, by comparison, has a $247 million endowment, said officials at the school founded by religious broadcaster Pat Robertson.
The Liberty drive coincides with a push to increase the 8,453-strong student body to 25,000 in the next 15 years.