Reflecting the tough healthcare philanthropy environment, the University of California San Francisco has fallen short of fundraising for a soon-to-open medical building and has to raise nearly $300 million more for other projects.
UCSF is $31 million short on its fundraising goal for a $113 million stem cell research building that is opening in a few weeks, reports the San Francisco Business Times. UCSF development executives also have to raise $225 million for a new complex for treating women and pediatric cancer cases and $70 million for a neuroscience building that is currently under construction and is projected to open in mid-2012.
Fundraisers are still trying to entice a donor to take the naming rights for the 75,000 square-foot stem cell research building, but acknowledged that it might be a tough sell.
"We're just so focused on raising as much as we can toward the capital side of the projects before the buildings open," Carol Moss, a UCSF vice chancellor for development and alumni relations, tells the Business Times. "It becomes more challenging once the building has opened," she says.
UCSF was able to meet its fundraising goal for its 235,000 square-foot building focusing on cardiovascular research.
Should it miss its fundraising goals, UCSF officials say they can issue short-term commercial paper at interest rates below 1 percent as donations continue to come in over the long-term.
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