Students need not fear that their tuition money is being put toward the $16.5 million needed for the new Center for Science, Education and Technology (SET). The funds are being raised through a capital campaign almost two years in the works.
Capital campaigns are utilized when a project is out of the organization’s normal budget range and also when the funded project is a singular event, as in the erection of a new building. As of today, Cabrini is in the “Quiet Phase” of its campaign, meaning that SET is not yet officially public. Approximately half way through a capital campaign, the organization goes public, commented President Antoinette Iadarola. Because Cabrini has reached its halfway mark, Iadarola has planned a groundbreaking celebration for May 6, 2003.
Currently, Cabrini has fundraised about half of the amount needed to fund the construction of the building. Going public could add more money to the fundraising efforts when more organizations become aware of what Cabrini intends to do with their new center. Iadarola plans to rely on bonds to make up for the insufficient funds, just as she did for the communications wing of Founders Hall during the campaign for its construction. This way, according to Iadarola, the process will not be held up.
The price has not been fixed on SET and the cost seems to continue to rise. Originally, the building was to be built on the right side of Founders Hall, across from Xavier Hall. However, when the committee began more in-depth planning, it realized that the site was too small for the building. The intended SET building includes three floors, one of the aspects that was not originally anticipated. All of the amendments to the plan have aided in raising the projected cost. “That’s normal. That happens,” Iadarola said.
Cabrini has received many donations from several sources. Both the Missionary Sisters of the Sacred Heart and the Hamilton Family Foundation have contributed $1 million to the SET project. Nearly $8 million has been given by private organizations, alumni, trustees and also through grants. The Hearst Foundation created an endowment for $100,000, half for student scholarships and program development, the other half for the actual building. Close to $300,000 was provided by the state of Pennsylvania and $500,000 in Federal grants were provided to Cabrini for tpurchase of technical equipment.
Iadarola has recently been lobbying for private collegiate institution inclusion in the state of Pennsylvania’s “Capital Improvement Fund for the Commonwealth,” of which public colleges and universities are already included.
With the bonds, the SET project can be constructed, taking 18 months to build. “By Christmas of 2004, it will probably be done,” Iadarola said. It will be open no later than Fall of 2005 for occupancy, she added.
Posted to the web by Alaina Robinson