CityU Endowment Funds and Fundraising Campaigns — From Anniversary Giving to Matching Grants

From a quiet-phase appeal discreetly started in 2014, to HK$2.5 billion raised eighteen months ahead of schedule in 2022, to the "Endowment Campaign" launched on the University's 30th anniversary in 2024 — CityU's fundraising story is a history of ever-escalating financial leverage. The short version: City University of Hong Kong (CityUHK) completed its largest-ever comprehensive fundraising campaign, "United, We Soar", in November 2022^※, having raised more than HK$2.5 billion^※ — roughly eighteen months ahead of the original 2023 target. In November 2024, marking the 30th anniversary of the University's founding, it formally launched its first institution-wide "CityUHK Endowment Campaign", seeded by more than 35 individual endowed funds established jointly by alumni, Council members and business supporters. The government's UGC Matching Grant Scheme, meanwhile, has run through eight rounds and matched more than HK$10 billion^※ in total across the funded universities — the institutional lever that multiplies the value of private giving to CityU. For a full picture of annual income and expenditure, see the parent card finances.md; for a donor-by-donor breakdown of named givers, see benefactors-and-donors.md.

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# 1. Why CityU Needs Endowments — the "Where Does the Money Come From" Question

# Why can't CityU rely on government funding alone?

City University of Hong Kong is a statutory public university funded through the University Grants Committee (UGC), and the government block grant is its single largest source of income. According to the 2024/25 financial report^※, government funding totalled about HK$3,790 million, roughly 48% of the University's core income (about HK$7,864 million before refunds of reserves). Yet the block grant's share of total income has been narrowing year by year (see ugc-block-grant-and-research-funding.md for details). Government funding is bound to the budgetary cycle of the administration; a university that relied on it alone would have limited room to move nimbly into emerging disciplines. Against that backdrop, self-generated income — tuition, donations, investment returns — has become the key supplement preserving CityU's financial autonomy. An endowment fund, operating on the principle of "principal preserved in perpetuity, income spent annually," can sustain scholarships, named chairs and research programmes without depending on any single year's allocation.

# How does an endowment fund work?

CityU's endowment funds rest on the principle of "principal preserved, income spent." According to the University's official giving page^※, donated capital is "kept intact as principals and managed as endowment funds on a perpetual basis" — that is, the principal is managed in perpetuity under the University's internal guidelines, and each year's investment income is distributed for the purposes the donor specifies (scholarships, named chairs, research projects, community programmes and so on). This differs from an ordinary earmarked donation that is spent down: an endowment is not "used up and gone," but releases income year by year, so that a single gift keeps giving indefinitely. CityU also offers endowment founders naming rights, listing in the University's donor roll, membership of the CityU Foundation and invitations to special events, depending on the size of the gift and the terms agreed.

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# 2. "United, We Soar" — CityU's Largest-Ever Fundraising Campaign

# When did "United, We Soar" begin, and how big was it?

"United, We Soar" is the first comprehensive, university-wide fundraising campaign in CityU's history, and the largest to date. The campaign entered its quiet phase in 2014^※, seeking private commitments from major donors, and was formally launched to the public on 1 December 2020^※, with a target of raising HK$2.5 billion^※ within a decade, by 2023. The campaign centred on four areas of support: strategic priorities, education and research, student development, and campus development.

# How much did the campaign ultimately raise, and how early?

On 24 November 2022^※, CityU announced that "United, We Soar" had raised more than HK$2.5 billion — hitting the target about eighteen months ahead of the original 2023 deadline. More than 6,500^※ supporters took part, including members of the Council and advisory committees, alumni, staff and members of the public — the largest mobilisation in a single fundraising drive in CityU's history. The campaign's leadership structure paired a Council chairman (as honorary campaign chairman) with the President as convenor, supported by four co-chairs: Dr Yeung Kin-man, Professor Wu Siu-ming, Mr Lau Ming-wai and Dr Wong Chun-hon.

# How were "United, We Soar" funds allocated?

Under the campaign's design, proceeds were distributed across the four pillars above, though the University has not published a precise breakdown by category. Projects whose funding can be traced to the campaign include the Jockey Club Healthy Heart and Brain Building (one of its funding sources), the Ma On Shan student hostel village (hostel development), the International and Development Building and other major campus projects, along with named professorships and student scholarships. The campaign also overlapped in time with the government's eighth Matching Grant Scheme round (2019–2021), meaning that some research-related donations raised during "United, We Soar" could also be submitted for government matching — further amplifying the funds actually available (see Section 3).

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# 3. The Government's Matching Grant Scheme — the Institutional Lever on Donations

# What is the UGC Matching Grant Scheme, and how many rounds have there been?

The Matching Grant Scheme (MGS) was established by the Hong Kong SAR government in 2003 and coordinated by the University Grants Committee (UGC). Its purpose: to "match" private donations raised by universities with government funds on a proportional basis, thereby encouraging sustained generosity towards higher education across the community. The scheme has run through eight rounds to date (the most recent being the Research Matching Grant Scheme). The historical record is as follows:

Note: Round 7 was a standalone scheme designed specifically for local self-financing post-secondary institutions. The eight UGC-funded universities (including CityU) took part in Round 8 and the Research Matching Grant Scheme. Across the first six rounds, institutions eligible for UGC funding together raised about HK$14.8 billion in private donations, matched by about HK$7.4 billion from the government^※.

# How does the matching mechanism work in practice?

Taking Round 6 (2012–2014) and Round 8 (2019–2021) as examples, matching operated on a "tiered matching, first-come-first-served" basis: donations up to HK$60 million^※ per institution were matched 1:1 (HK$1 from the government for every HK$1 donated); beyond that HK$60 million threshold, the ratio fell to 2:1^※ (HK$1 from the government for every HK$2 donated), with each institution capped at HK$600 million^※ in matching funds, allocated in order of application. The structure creates a strong incentive for institutions to fundraise energetically — the earlier and faster the donations came in, the larger the allocation secured.

# How did CityU fare in Round 8?

Round 8 (1 July 2019 to end of March 2021) was originally scheduled to run until 2022, but the participating institutions proved so enthusiastic that, even with the COVID-19 pandemic still under way, the HK$2.5 billion matching pool was fully allocated by the end of March 2021^※, with the ten participating institutions together raising about HK$5 billion in private donations^※. CityU's "United, We Soar" campaign overlapped heavily with Round 8 (the campaign formally launched in December 2020; the round concluded in March 2021), creating a natural synergy on the timeline. Summing up the round, the UGC chairman said the scheme "has been successful in cultivating a stronger philanthropic culture in the community towards investment in education, diversifying funding sources and securing additional resources".

# What is new in the Research Matching Grant Scheme launched in 2025?

The latest round, the Research Matching Grant Scheme (RMGS), runs from 1 May 2025 to 30 April 2029^※, with the government reserving HK$1.5 billion^※. Unlike earlier rounds, this one is explicitly positioned as "research matching": the matched funds must be dedicated to supporting specific research projects, initiatives or activities — including acquisition of major research equipment, technology licensing, patent applications, researcher salaries and research scholarships — and may not be used to establish or inject capital into university endowment funds. Eligibility has also expanded from 10 institutions to 21^※ (the eight UGC-funded universities and their self-financing arms, plus 13 local self-financing degree-awarding institutions). CityU's Treasurer's Report for 2024/25 likewise discloses that the University is actively fundraising in support of applications under this new research matching scheme (for a detailed breakdown of UGC block grants and RGC competitive funding, see ugc-block-grant-and-research-funding.md).

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# 4. The 2024 CityUHK Endowment Campaign — From One-Off Drives to Perpetual Cultivation

# What is the "CityUHK Endowment Campaign", and when did it start?

The CityUHK Endowment Campaign is the University's first university-wide fundraising campaign built around endowment funds as its core form. It was formally launched on 24 November 2024^※ — the same day as the grand gala dinner marking the University's 30th anniversary and the 10th anniversary of the CityU Foundation. Themed "Eternal Impact to Empower Generations", the campaign is organised around four pillars — strategic priorities, education and research development, student development, and community engagement — and represents CityU's shift, after the conclusion of the "United, We Soar" comprehensive campaign, towards a longer-term, more structural mode of donor mobilisation.

# How many funds does the Endowment Campaign have so far, and who is involved?

At the campaign's launch, CityU invited alumni, Council members and community supporters to establish personally named endowed funds. By the time the campaign was unveiled, 35 individually named endowed funds had been established^※ — exceeding the original target of 30. The participants span alumni, Council and advisory committee members, business leaders and friends of the University, reflecting the broad network of relationships CityU has built in Hong Kong and the Greater Bay Area over three decades. In return, CityU offers endowment founders naming rights, naming ceremonies, listing in the donor roll and CityU Foundation membership.

# What landmark gifts has the campaign attracted, and how has the CityU Foundation been performing?

The Endowment Campaign has drawn several major gifts. China Hongqiao Group Limited announced a donation of HK$70 million^※ at the launch gala, supporting CityU research projects and establishing the "Hongqiao Endowed Fund for Community Care" — positioned as a perpetual source of community welfare funding, and already backing community health initiatives such as the "Hongqiao Brain and Cardiovascular Health Protection Programme". Meanwhile, the CityU Foundation's annual dinner has kept setting new records: the dinner held on 31 March 2026 raised HK$49 million in a single evening^※, the highest single-night figure on record (a dramatic jump from roughly HK$12 million in 2017) — a sign of steadily rising philanthropic enthusiasm for CityU.

Major giving in recent years is set out below:

For a donor-by-donor account of named gifts — which building or chair corresponds to which donor — see the companion piece benefactors-and-donors.md.

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# 5. How CityU Actually Manages Its Endowment Funds — Is There a "Total Market Value"?

# Does CityU maintain a single consolidated "University Endowment Fund" with a publicly disclosed total value?

To date, CityU has not established, separately line-listed and publicly disclosed the total market value of a single consolidated "University Endowment Fund" in its official annual reports or public documents — in the manner of the Harvard or Yale endowments, or CUHK's United College Fund. Instead, the University's long-term assets operate through a number of separate, purpose-specific funds:

• Hostel Development Fund (HDF): supported by the UGC's Hostel Development Fund scheme, managed by external professional investment firms, with a diversified investment strategy and continuous risk monitoring. As at 30 June 2025, the HDF had accumulated investment returns of about HK$764 million^※, recognised on a deferred basis to offset future hostel capital expenditure and depreciation.
• HK Tech 300 Angel Fund: under its flagship entrepreneurship ecosystem "HK Tech 300" (established 2021), CityU has set aside HK$400 million^※ as an angel investment fund. As at 30 June 2025, about HK$198 million^※ had been committed, supporting over 900 startup teams.
• Individually Named Endowed Funds: the named funds established under the Endowment Campaign. Their principal is preserved in perpetuity and only the income is spent; CityU does not disclose the individual market value of each fund.

The net return on CityU's overall investment portfolio for 2024/25 was HK$623 million (University core accounts)^※, up markedly from about HK$422 million the previous year. But that figure reflects the combined return on all long-term asset portfolios (including the hostel fund, reserve investments and the like) — not the return of any single "University Endowment Fund".

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# 6. Financial Impact of Endowments and Fundraising — Trends Over the Years

# How significant are donations in CityU's financial statements?

According to the 2024/25 financial report^※, CityU (core accounts) recognised about HK$130 million^※ in "Donations & Benefactions" as income, but the total donations actually received came to about HK$207 million (University-wide)^※ — a gap of roughly HK$75 million, representing donations with designated purposes that must be recognised on a deferred basis (mainly earmarked for capital works or specific research projects). On the HK$207 million received, donations amount to about 2.6% of total University income — a share that looks modest, but whose function far exceeds what the income ratio suggests: the principal of endowed gifts never appears in any single year's income; its impact accumulates year by year and releases in perpetuity.

# How have donation receipts trended?

Receipts across the two years were essentially flat, but the recognised amount rose — a sign that in 2024/25 a larger share of donations could be recognised as income immediately (the deferred portion shrinking relative to the whole). The single largest source of donations was the Hong Kong Jockey Club Charities Trust (about HK$99.16 million in 2024/25)^※, earmarked for the Jockey Club Healthy Heart and Brain Building and four community service programmes. For a detailed donor-by-donor account, see the companion piece CityU Benefactors and Donors in this module.

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# 7. Three Threads, Woven Together

CityU's endowment and fundraising history is best understood along three threads:

1. "United, We Soar" (2014–2022): CityU's first comprehensive university-wide campaign. The HK$2.5 billion target was exceeded about eighteen months early, by November 2022; its timeline dovetailed closely with the government's Round 8 Matching Grant Scheme, effectively amplifying the results.

2. The government Matching Grant Scheme (2003 to date): Across eight rounds, more than HK$10 billion has been matched for UGC-funded universities, with CityU an eligible participant in every round. Round 8 (2019–2021) matched HK$2.5 billion, leveraging about HK$5 billion in private donations. The latest round, the Research Matching Grant Scheme 2025–29, reserves HK$1.5 billion but is strictly limited to research purposes — it cannot feed endowment principal.

3. The CityUHK Endowment Campaign (2024–ongoing): On the University's 30th anniversary, endowment funds were formally adopted as the new core form of giving — a transition from "sprint-style" fundraising drives to a "long-accumulation" philanthropic ecosystem. The initial 35 named endowed funds, China Hongqiao's flagship HK$70 million gift, and the HK$49 million single-dinner record at the 2026 Foundation gala all point to a promising start for this phase.

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# Key Points at a Glance

1. "United, We Soar" (2014–2022): HK$2.5 billion target, met in November 2022 — eighteen months early; over 6,500 participants; CityU's first comprehensive fundraising campaign.
2. Government Matching Grant Scheme (2003–2021): eight rounds, over HK$10 billion matched by the UGC; CityU an eligible participant in every round; Round 8 (2019–2021) matched HK$2.5 billion, leveraging about HK$5 billion in private donations.
3. Research Matching Grant Scheme 2025–29: new HK$1.5 billion pool, limited to research purposes and barred from endowment capital; 21 institutions eligible.
4. CityUHK Endowment Campaign (2024–): the first university-wide endowment campaign, launched 24 November 2024, with over 35 named funds at launch; flagship gift of HK$70 million from China Hongqiao.
5. Annual giving scale (2024/25): about HK$207 million received, the largest single gift being HK$99.16 million from the Jockey Club; HK$130 million recognised as income; the Hostel Development Fund has accumulated over HK$764 million in investment returns.
6. Not found: CityU publishes no single publicly disclosed figure for a consolidated "University Endowment Fund" market value — long-term assets operate as separate purpose-specific vehicles (Hostel Development Fund, HK Tech 300 Angel Fund, individually named endowed funds).

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