In the face of every crisis, colleges and universities are forced to reflect and adapt to meet the perceived needs of their time. Recent changes have resulted in increased access to education, but sometimes they also led to significant compromises in curricular standards, institutional values, and academic mission.

The precarious financial situation of our colleges and universities has been exacerbated by the Coronavirus pandemic. But higher education was in peril long before the pandemic. The problems afflicting universities are serious and persistent: declining enrollment, poor retention rates, and a growing public skepticism of the return on investment in a college education. As in the past, we must confront these issues with courage and humility. Unless institutions change their course, the core problems will continue even as the nation eventually recovers. Philanthropy is greatly needed right now, but not only their financial gifts; institutions of higher education need their ideas and innovations, as well.

Although anyone can write a check, giving well to higher education poses a unique set of challenges. Donors must navigate a large, complex bureaucracy that operates by its own, often esoteric playbook. It frequently takes several years before the university and the donor agree on the terms of the gift. Even after making a donation, the donor’s ability to enforce the terms of a gift agreement is tenuous at best. With little oversight, it is a great temptation for colleges to include undisclosed hidden fees or use targeted funds as they see fit.

Despite these challenges, higher education philanthropy is tremendously rewarding. Donors are deeply passionate about expressing gratitude for their own education and providing students with more opportunities. Every gift is unique and, when done well, philanthropy is fulfilling for the donor and transformative for the campus.

Read the full article about higher education philanthropy by Michael Poliakoff at Philanthropy Daily.