General Fundraising Trends among University Patrons and Entrepreneurs to Promote the Sustainability of Universities

Laila Kundzina, Baiba Rivza, Liva Grinevica () and Peteris Rivza
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Laila Kundzina: Faculty of Economics and Social Development, Latvia University of Life Sciences and Technologies, Svētes iela 18, LV-3001 Jelgava, Latvia
Baiba Rivza: Faculty of Economics and Social Development, Latvia University of Life Sciences and Technologies, Svētes iela 18, LV-3001 Jelgava, Latvia
Liva Grinevica: Latvian Academy of Agricultural and Forestry Sciences, Akadēmijas laukums 1, LV-1050 Riga, Latvia
Peteris Rivza: Faculty of Information Technologies, Latvia University of Life Sciences and Technologies, Lielā iela 2, LV-3001 Jelgava, Latvia

Sustainability, 2023, vol. 15, issue 14, 1-24

Abstract: One of the most important issues for higher education institutions is achieving financial viability and sustainability by expanding revenue sources, as the costs associated with ensuring the operation of higher education institutions is increasing. Therefore, raising funds through donations for universities means new challenges. Within the framework of this study, the authors have drawn attention to attracting funds to universities from patrons of universities and companies, providing a detailed analysis of trends in this field. The purpose of this study was to analyze the general trends in fundraising among university patrons and businessmen, and to identify possible solutions that could help in attracting donations to universities and promote their sustainability in the future. The research methodology applied in this research included analysis of the literature, conducting surveys, and analysis using statistical methods such as the correlation method, chi-squared test, and ANOVA. This study provides an insight into the situation in Latvia regarding the trends of patrons and entrepreneurs donating to universities. The results of this study show that philanthropic organizations should work on building a feedback relationship with patrons to promote as much fundraising as possible.

Keywords: general fundraising; donation trends; motivation of donations; goals of donations; profile of patrons; entrepreneur’s donation trends; chi-squared test; ANOVA (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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