Texas Tech sets ambitious fundraising goals, breaks research, enrollment records

As Texas Tech University enters its next 100 years, President Lawrence Schovanec updated the campus community on Tech's achievements and records in the last year.

Prior to the State of the University address Tuesday morning, the president sat down with the A-J and highlighted three areas — enrollment, research and philanthropy — which saw growth and achievement.

From new details about a soon-to-be announced fundraising campaign to another record-breaking enrollment number just shy of 41,000 students, Tech's president focused on the university's key highlights and goals.

Here's more from the A-J's visit with Schovanec.

Texas Tech setting lofty goals for fundraising

Texas Tech saw a total of $161 million in philanthropic gifts from about 40,000 individuals to help support the institution's key priorities, including establishing new endowments.

"We were able to create 102 new endowments this year. Last year with that support, we created 114," Schovanec said. "In the last two years alone, there have been more than 200 endowments and the majority of those are for student support that have been created as a result of giving."

On top of that, Schovanec said during the second annual Day of Giving, 1,425 individuals in 1,923 minutes donated $430,000 — $300,000 more than the university's goal.

That money raised goes to specific endowments, institutes, programs, departments or student support services the donor wishes to choose from out of numerous options. To learn more and donate, visit give.ttu.edu.

Schovanec said the support alumni give to the institution means they see something special in their alma mater.

"I think it speaks to their belief in the benefit of having a degree from Tech and through their support they want to provide those opportunities for other students," the president said.

There will be another opportunity in the future for alumni to give back to the university.

Schovanec said the opportunity has already been happening for the past three years but has been kept under wraps. However, it has already funded a sizeable amount of its ambitious goal.

"We haven't decided firmly on what our goal will be but it will be in excess of $1 billion," Schovanec said. "Through the first three years of the silent phase of the campaign, we've already raised over half a billion dollars."

The capital project campaign is an eight-year-long campaign, but by the time the university officially announces it in April of 2024, there will only be five years left.

"One thing I want to stress is the campaign is not about a number; it's about the impact it's going to have, starting with our students, our academic programs and resources for faculty," he said.

Tech Athletics will also be involved in what Schovanec describes as a "grassroots initiative."

Engaging with leadership and listening to the needs of Tech's colleges and departments will be a complex process that requires most of his time in the coming years.

Texas Tech surpassing enrollment numbers once again

When national public universities are seeing a decrease in enrollment numbers, Texas Tech defies those expectations by adding 12,000 new students for this incoming year, which sets the enrollment record to 40,994.

Graduate student enrollment also increased; however, undergraduate enrollment rates haven't seen much change But one-third of the first-year class is comprised of first-generation and Pell-eligible students.

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"One reason our growth has been around the 1% to 3% range is because we're graduating students so many more students," he said.

This year, Tech saw 10,000 students graduate, an 18% increase from five years ago.

Tech also saw another area of growth — online classes.

"In the fall of '19 only about one-third of our students were taking online courses and roughly two-thirds were taking all face-to-face," Schovanec said. "For last fall, two-thirds of our students on this campus were taking online courses and one that only about one-third are strictly face to face."

Schovanec said the university hired a firm in the spring to engage in strategic environment planning exercises.

"They're looking at where the student demand is where the career opportunities are greatest," he said. "They're looking at the demographics of our state and the nation so that, as we move forward, we will make decisions informed by all of that data."

Those findings will be ready by spring 2024.

Texas Tech's growing research enterprise

"We've experienced really impressive growth in our research enterprise in the last 10 years," he said. "In fact, if you go back to when Texas Tech became eligible to receive endowments from the National Research University Fund, we can demonstrate that those resources made a difference in our research enterprise."

The university broke records this year by having $230 million in research expenditures —$20 million more than last year — and receiving $80 million in federal research funding — almost double from last year's funding.

With the state seeing an economic impact multiplier of 20 for every dollar invested into research at Tech, the institution is now eyeing another method of funding to support its research projects.

Created by the 88th Texas Legislature and if Texas voters approve it during the November election, Texas Tech could see around $44 million every year from the multibillion-dollar Texas University Fund invested into research.

On top of funding research, the president said the university could add more faculty to its roster.

"The final numbers are not fixed. But we anticipate that, in the next five years or so, we'll be adding around 100 additional faculty," Schovanec said.

That would be on top of the already 100 faculty members — tenured and non-tenured — the university hires every year.

When hiring more faculty with the TUF fund, Schovanec said, the university will be looking at professors who have a proven record or the credentials for securing federal funding.

"I believe as our research enterprise grows and the general brand of Texas Tech is strengthened, that will make us more competitive for students," he said. "It will enhance our ability to provide the support services to students and make them more successful."

This article originally appeared on Lubbock Avalanche-Journal: Texas Tech break record enrollment, boasts research funds, fundraising