Mayo Clinic said Tuesday it raised $1.35 billion in its first sustained philanthropy campaign, showing that the famed clinic can still pull in donations despite a weak economy.
Mayo raised the amount in five years instead of the seven years initially set for the campaign, and exceeded its target of $1.25 billion.
"The campaign's success is a reflection of the trust patients and the public have in Mayo Clinic," said chief executive Dr. John Noseworthy.
The campaign started in 2005 after Mayo trustees asked executives to step up efforts to solicit donations from benefactors and former patients to help fund ongoing patient care, research and education. Mayo already had a capital campaign for new buildings.
Since then, more than 286,000 people have contributed.
Among other things, the money will fund research on cancer and depression. Some funds will go toward a subspecialty pediatric clinic in Rochester, a new hospital in Florida and a new campus for cancer and transplant patients in Arizona.
Mayo's margins have narrowed in recent years, and it has long complained that it loses millions each year on Medicare patients. In 2008, the latest year for which figures are available, Mayo broke even on revenue of $7.2 billion.
CHEN MAY YEE
