In a historic capital campaign spanning seven years, Towson intends to raise $50 million, more than doubling the University's previous fund raising record.
Administrators will announce the goal at a kick-off celebration for 400 donors and supporters in the Towson Center Thursday evening.
The campaign, titled "Growing a University: The Campaign for Towson University," is expected to provide a substantial boost for TU's endowment, which is currently at about $23 million.
Vice president for university advancement Gary Rubin said the purpose of a capital campaign is to pursue initiatives "in a more formalized way."
Towson's ultimate goal is to grow its private financial support and increase annual giving to the University. Donations will provide funding for scholarships, faculty positions, and other academic supports.
Prospective donors will be asked to fund specific scholarships, graduate fellowships, endowed chairs, distinguished professorships, and teaching endowments.
Rubin said Towson originally set an internal goal of $40 to $42 million.
"But fortunately the momentum seems to be there" for a $50 million campaign, he said.
Last year's unprecedented $10.2 million donation from former Towson student Jess Fisher gave the University a significant boost.
The capital campaign started two years ago. Universities typically conduct capital campaigns in seven-year cycles, and the first two years are usually "quiet" as the institutions determine how much they'll be able to raise. Organizers measure the capability of their alums and friends to give, as well as their willingness to give.
Universities try to raise around 40 percent of their goal amount during the silent phase.
"You look at your donor base. You look at your feasibility study. You add a certain amount of value to the annual giving program. You also look at things like leadership. There's no magic formula," campaign counsel Dan McCarthy said.
Towson President Robert Caret said Towson has already brought in close to 50 percent of its goal.
"We have actually raised more money during the quiet phase of this campaign than we did in the entire last campaign," he said.
The last campaign formally kicked off in 1997. Towson surpassed its goal of $17 million and raised a total of $21.5 million.Caret said Towson's first capital campaign, which commenced in 1987, raised $10 million.
Administrators say TU needs private support now more than ever.
The University's capital campaign prospectus cites "significant reductions in state support," "growing competition for top students and faculty," and "rising education costs and limited federal financial assistance" as reasons for a growing need.
Towson has to spend money to make money. Last fall, the University budgeted $477,000 for capital campaign expenses. The money became part of the division's base budget this year.
Rubin said TU's fund raising expenses amount to about 30 cents on the dollar.
Thursday's invitation-only celebration, titled "Unleashed," is a major event for university advancement.
It will begin, the invitation says, with a "nostalgic journey through the past and a whimsical peek into our future that will delight all the senses." It will consist of five "entertaining and interactive venues" recreating the University's 140 years of teaching.
It will continue with a short presentation by Caret, and conclude with socializing and dancing to the tunes from a "special musical guest."
Staffers started transforming the Towson Center for the party on Sunday, McCarthy said. On Tuesday, wet paint signs in stairwells suggested the facility was being spruced up in time for the fund-raiser.
With the arena temporarily closed, athletics teams are practicing in Burdick Hall this week. Parking Lot 21 will close at 2 p.m. Thursday to make room for guests.
"Whenever you're holding an event for 400 of your most important guests, a lot of planning goes into it," McCarthy said.
Attendees can expect several surprises, including announcements of several major gifts to the University.
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