Michigan Raises $3.1 Billion in Funds

The University of Michigan's capital campaign has raised $3.1 billion over the course of eight years, the most raised by a public university ever (besting UCLA's 10-year effort that ended in 2006 and earned $3.06 billion), the Michigan Daily reports.

The campaign officially ends Dec. 31, 2008, but the current amount already far exceeds the university's 2004 goal of $2.5 million, thanks to large donations from Stephen M. Ross ($112.5 million for his name on the business school) and Alfred Taubman ($78.6 million), as well as smaller amounts from 364,000 donors.

Although Michigan has raised the most for a public university, a small handful of elite private colleges are also in the midst of capital campaigns with goals that exceed $3.1 billion: Stanford has a five-year $4.3 billion campaign, while Yale is in year two of a five-year $3.5 billion initiative.