The University's capital campaign, which launched in 2004 with a stated goal of $3 billion, finally reached the $2 billion mark Sep. 2.
"This is a very important moment in the University in building the financial infrastructure that will secure the University's future for generations," said Bob Sweeney, senior vice president for development and public affairs.
Although campaign officials aimed to reach the $2 billion mark by June 30, Campaign Chairman Gordon F. Rainey, Jr. said he was happy with the timeline in which the University reached its goal, especially considering the recent economic downturn.
"Only being seven to eight weeks behind ... it's extraordinary," said Rainey, who is a former University rector.
The capital campaign contributes to the University's goal of becoming the first privately financed public university in the United States, Sweeney said.
"The endowment will position us coming out of this difficult economy to really grasp a new level of leadership in higher education," Sweeney said. "This is not only protecting us today but positioning us to be very strong in the future."
The campaign's priorities are integrated with the vision of the University's strategic plan, Rainey said. These areas include strengthening the student experience and increasing funding for the fine arts, as well as science and technology fields.
"There are a lot of transformational needs that the University has been able to spotlight and the donors are responding to those needs," Sweeney said.
In addition to fulfilling academic needs, one-third of the funds will help finance construction projects, Sweeney said, including the Emily Couric Clinical Cancer Center and Bavaro Hall, the addition to the Education School. The funds also support professorships, scholarships, graduate fellowships and research.
Rainey said he expects the campaign to reach the $3 billion mark by the University's original projection date of Dec. 31, 2011.
"We still have $1 billion to go, so it's a confidence builder for the University and the fundraising team," Rainey said.
-Rodger Nayak contributed to this article.
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