The University of Chicago plans to raise $4.5 billion in a capital campaign and has already drawn more than $2 billion toward the goal.
The public phase of the fundraising effort will begin in October and probably conclude in 2019, the Chicago-based university said today in a statement.
Donations to U.S. colleges and universities rose to a record in the year ended June 2013 as stock market gains spurred philanthropy, according to the Council for Aid to Education. In September, Harvard University began a fundraising drive with a goal of $6.5 billion, the highest set by a U.S. college.
Chicago’s most recent campaign, which ran from 2000 to 2008, raised $2.38 billion, surpassing the $2 billion goal, according to the statement. Priorities of the current campaign include enhancing the core curriculum, expanding study-abroad programs, construction of a residential hall and growth in financial aid.