Big Donors, Bigger Risks – Is Higher Education’s Success Too Dependent on Major Donor Income?

Harvey Duthie, CEO, Belmont Fundraising Ltd., 9 July 2025

As always, the CASE Insights Report (UK & Ireland 2023–2024) offers a data-rich snapshot of philanthropy’s evolving role in higher education. Despite economic headwinds and shifting donor behaviour, one headline figure stands out: a record-breaking £1.52 billion in new funds committed across 83 institutions. Belmont Fundraising congratulates everyone in Development Offices across the UK and Ireland, and the many generous philanthropists driving this growth.

The bar is rising fast — but, we suggest, so too is the risk of over-reliance on Major Gifts. While overall funds are up 13.7% year-on-year, the median actually fell by 12.3%, indicating growth driven by a handful of very large gifts.

With 42% of all new funds coming from just the top three gifts per institution, and donor numbers overall down by 5.1%,  we suggest many universities are increasingly reliant on Major Donors—a trend that exposes them to financial volatility.

This is especially poignant when you look at the Henley & Partners estimates that in 2025, the UK is expected to lose 16,500 high‑net‑worth individuals, on top of 9,500 in 2024, and a further 10,800 in 2023.

What Belmont Fundraising is seeing and expects:

• It is clear that consistent investment in advancement teams works. The CASE report highlighted that Advanced and Maturing clusters, which saw the biggest fundraising growth, also reported the largest increases in FTE staff and budget.

  
  

• Third-level institutions are seeking to diversify their donor pipelines, investing not just in top-tier relationships but also in activating or re-engaging the increasingly important mid-level alumni donors.

  
  

• Development Offices are doubling down on strong digital and print efforts, seeking to sustaining and grow alumni participation.

  
  

• Increased investment in data, talent, and infrastructure—with more institutions moving toward in-house prospect development and analytics, as well as leaning in to the potential of AI, the ‘shiny new thing’ of the moment.

  
  

  (We believe that AI is undoubtedly transforming the landscape, but its true impact on fundraising success (the income bottom line) remains to be seen.)

  
  

• The next three years will reward strategy, not just size. With the sector becoming increasingly divide (some institutions drawing in £20 million+ annually, while others stagnate, or contract)—strategic clarity and investment in donor relationships will define success, especially in this increasingly competitive environment.

  
  

• For third-level institutions, the CASE report is both a warning and a roadmap. Belmont Fundraising suggests going back to basics first - build smarter pipelines, engage alumni meaningfully, and invest in the right people and tools. The institutions that do so will be best positioned to thrive.

You can read the full CASE report here: https://www.case.org/research/surveys/case-insights-case-ross-support-education-united-kingdom-and-ireland/findings-results-and-reports

www.belmontfundraising.com