Until FY2002, Arizona State University relied primarily on state funds to operate. With the state decreasing its investment each year since and the demand for quality education dramatically increasing every year, ASU more aggressively sought alternative revenue flow. This was imperative to provide more qualified students access to leading faculty scholars, use-inspired research and the very best that higher education offers.
Additionally, the low-tuition model in effect in 2002 provided few resources for financial aid, which meant that help was unavailable to those who needed it most. Private investors were relatively few. Since then, we have worked to demonstrate the value of investing in ASU to local and state governments, students and their families and private investors. We have earned their confidence as demonstrated by the following:
While the above data represents amazing strides in investment, private funding is needed now more than ever. The ASU Foundation for a New American University exists soley to raise, steward and distribute funds to ASU and its constituents. Research grants, bond money and similar revenue must be directed for the appropriated use. On the other hand, private funding — gifts to the ASU Foundation in the form of scholarships, annual gifts, estate gifts, etc. — can make a difference in any aspect of ASU, often where its needed most. You can read through our donor story section to learn more about the ways donors have transformed lives at ASU.
Tuition and fees cover only part of the costs associated with fulfilling the educational aspirations of more than 73,000 ASU students enrolled in undergraduate, graduate and professional programs. It also covers only a fraction of the costs of facilities to support teaching and research, and the operating expenses associated with libraries, student services and athletic facilities. The level of tuition is determined by the cost of delivering a quality education and the extent to which that's offset by state funding. And state funding is decline.
Private investment allows higher education to be more affordable and reasonable for students and parents and at the same time provide the level of resource support necessary to ensure a quality undergraduate experience. Making an investment in ASU through the ASU Foundation is a critical part of ensuring that ASU's mission as a New American University dedicated to excellent education, access and community impact is reached.