Unlike the Annual Fund, which funds about 8% of our operating budget, and is spent each year, capital gifts generally support specific initiatives—either facilities improvements or endowment.  Capital gifts allow PCD to think strategically beyond immediate needs and plan for a secure and vibrant future.  They can fund new buildings and campus renovations, and they can add to the endowment to fund faculty compensation, programs and financial aid.  A healthy endowment can also give a school greater flexibility during challenging economic times, so that its long-term health is not compromised. PCD's endowment is managed by the RI Foundation and is invested for long-term growth.