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taking notice of the last few years is pretty much a given. They can even look through public records to see the books, dollar for dollar.
Sadly, one of the many deciding factors on Bonfire returning to campus on considerably good conditions is going to be money. If the event can sustain itself that will be a slightly good point. If there is the possibilty of a profit coming in, that will be a big plus. If they see that it is going to cost more than it brings in, that will be a mark against.
However, keep in mind there are some big donors out there that may at least threaten to reserve their generosity if it may help a character building tradition. Those things will be factored in too.
If Bonfire helped unite students, it automatically helped unite former students as well.