Premier Tobin was at the launch to announce that the Government of Newfoundland and Labrador will match donor contributions on a dollar-for-dollar basis up to $25 million, making the provincial government the largestdonor to The Opportunity Fund.
"We as a province recognize the importance the province's only post- secondary institution to the continued revitalization and economic growth of Newfoundland and Labrador. That's why I think it is so important that we pledge our support to this campaign," said Premier Tobin. "I firmly believe it is the graduates who will steer this province into the next century." Premier Tobin also made reference to the provincial budget in which $6.3 million was allocated to match cash contributions received to date.
Dr. May, who chaired the event, discussed the pivotal role The Opportunity Fund will play in shaping Memorial for the future. "The Opportunity Fund will allow Memorial University to build on its strengths, and to remain a leader in post-secondary education well into the next century," he said.
He noted that Memorial will celebrate its 50th anniversary as a degree-granting institution in 1999. As the university and its student body have grown, needs have developed in several areas. Student facilities have become overpopulated and inadequate, scholarship support for students is much below that of other Atlantic universities, and endowment funds are inadequate to support innovations in teaching and research. The Opportunity Fund will address these needs by raising funds to increase scholarship and fellowship endowments, support new teaching and research initiatives, and improve student services programs and facilities.
Members of the university community have already shown their support for the campaign. Students, faculty, staff, pensioners and campaign volunteers have collectively pledged $4 million. The Hon. John C. Crosbie, Chancellor and campaign chairman, said that having the tangible support of the internal community is extremely important when approaching foundations and corporations. He added that the provincial government's commitment to match all pledges on a dollar for dollar basis has also been a very strong selling point.
"So far, foundations, corporations, alumni and friends have committed $10.5 million," said Mr. Crosbie. "We will be announcing our major private sector gifts in the coming weeks and months, in co-operation with the donors."
Memorial's Sir Wilfred Grenfell College in Corner Brook will be celebrating the launch of The Opportunity Fund on May 8, with the opening of a new Student Centre Annex -- the first visible result of the campaign.