MIT Starts Fund Campaign Aiming for $225-Million Goal

The Massachusetts Institute of Technology Wednesday announced a drive for $225 million, the largest fund-raising campaign ever undertaken in its history.

Jerome B. Wiesner, president of MIT, said in a New York press conference that some of the funds would be used for research relating to the nation's economic and social problems.

Chase N. Peterson '52, vice president for alumni affairs, said yesterday that Harvard's endowment would not be directly affected "because we have a different clientele."

Nelson C. Lees, director of resource planning for MIT, said yesterday that the drive would take about five years, and focus on individuals, foundations, and corporations.

Lees described prospects for reaching the drive's goal as "excellent."

Yale launched a $370-million fund-drive, last April, the largest ever undertaken by an American university.

MIT plans to devote $100 million of the drive to its regular endowment of $335 million, $43.2 million to new programs such as energy and health services, and $61.8 million to new and renovated facilities, leaving $20 million for discretionary funds, Lees said.

Howard W. Johnson, chairman of the MIT Corporation, and Paul F. Helmuth, managing partner of the Boston law firm, Hale and Dorr, are directing the campaign, which has already received commitments for $43 million.

Lees said the drive will rely more heavily on "corporate and foundation areas" than past MIT campaigns.

Johnson, Wiesner and Helmuth yesterday began a ten-day trip to major cities across the United States to initiate the campaign.

In its capital fund drive of the early 1950's MIT aimed for a goal of $20 million and received $26 million. In the fund drive of the early 1960's the Institute surpassed its original goal of $66 million, for a grand total of $98 million.