With signs of an economic slowdown, the eyes of university development officers across the country are fixed on their donation figures. But last year Stanford had little to worry about, raising $832.4 million, the highest total of any U.S. college.

Harvard came in second, raising $614 million, according to the Council for Aid to Education (CAE). The previous year, Stanford raised $911 million, a record for any college in a single year.

The University remains committed to the Stanford Challenge, a five-year, $4.3 billion fundraising initiative.

“So far we’ve having another good year,” said Martin Shell, vice president of the Office of Development, of the current cycle. “Based against the progress-to-date of previous financial years, we haven’t seen any significant drop so far.”

For donors, Shell believes the economy is a secondary consideration relative to the University’s need for their gift.

“The most important driver for most philanthropic institutions is the message and how we’re communicating to our constituency,” Shell said. “You could have the most robust economy in the world, but if the organization can’t tell its story then it’s not going to receive much.”

Some experts agreed with this assessment.

“The economy doesn’t drive giving,” said Ann Kaplan, director of Voluntary Support of Education Survey at the Council for Aids to Education.

As the year progresses, however, the effects of the economic downturn will become clearer.

“The donors where we might see some strain would be with something like a ‘stretch gift,’” Shell said of unusually large donations. “When you’re considering whether to stretch when the economy is at sea, that donor could feel a lot of pressure.”

Foundations, a crucial set of institutions for development, will see the least short-term fluctuations.

“Foundations in the short-run are going to be the least affected,” Shell said. “Any serious drop in foundational giving will be a lagging indicator, as the effects depend on investment markets.”

If giving drops amidst serious economic difficulty, development offices will look to apply the lessons of past experience, including the economic difficulties during the early part of the decade.

“People in development offices will have to be somewhat concerned,” Kaplan said. “But if you’ve been in the field long enough, then you have a trust behind you, and you learn to modify expectations and to manage the expectations of those around you.”