The third goal of the NewCentury@Elon plan answers the question that students, faculty, parents and donors ask after hearing the new proposals outlined in the first two goals: How will Elon pay for all of the growth and development proposed?

Elon administration wants to "provide resources to support excellence," according to the NewCentury Blueprint for Excellence. In the near future, these resources include high priority projects outlined in the plan, such as library and residential hall improvements, adding faculty positions, enhancing technology, increasing financial aid and advancing toward accreditation in the journalism and business schools, according to Gerald Whittington, vice president for business, finance and technology.

Projects in the NewCentury plan will be funded through many avenues, including a combination of tuition, federal grants, annual giving and special gifts.

As Elon is a tuition-dependent institution, many projects will be funded immediately by the annual operating budget. However, the university looks to fund the largest NewCentury endeavors through fundraising efforts.

Through tuition, Elon raises most of the money it uses each year to fund the daily operation of the university. In addition, Elon seeks federal grants and special gifts to use toward major goals the university outlines each year. Professors, departments and organizations apply for federal grants to fund special projects such as the Elon Enterprise Academy, according to Larry Vellani, director of foundation relations with Institutional Advancement.

To fund capital projects, enhance the annual operating budget and build endowment, Institutional Advancement continually solicits special gifts. Donors make contributions to the Elon endowment, which supplies returns each year for use by specific areas of the university.

If a donor specifies for what aspect of the university money should be used, such as a scholarship for a certain type of student or function of the university, the returns from that contribution must be spent in the manner specified by the donor. Gifts designed to help Elon in a specific way are restricted gifts.

Unrestricted gifts often are made to the Elon fund to aid in any project the budget describes. Many of these gifts are made to the Elon fund, a general fund which supports the endowment projects of the university.

Each year, Elon compiles a wish list of projects needing funding and distributes it to past and possible donors, private and institutional, according to Vellani. As a vast majority of gifts are restricted, which projects are completed each year is highly dependent on what givers choose from the wish list.

"You’re at the mercy of who gave you what," said Gerald Whittington.