May 16 (Bloomberg) -- The University of California at Los Angeles has started a five-year public campaign to raise $4.2 billion in the largest fundraising effort by a state university.
The school has already raised $1.3 billion toward that goal during the private phase of the campaign that began in July 2012, UCLA said today in a statement on its website.
Priorities include $500 million each for undergraduate student scholarships, graduate student fellowships and faculty support, and $1.65 billion to add and expand research programs, according to the statement. UCLA also plans to use funds for capital projects at the School of Theater, Film and Television, the medical school and the School of Engineering and Applied Science.
UCLA’s goal surpasses the $4 billion target of the University of Michigan, which had raised $2 billion as of the end of February, according to Michigan’s website. Donations to U.S. universities rose to a record $33.8 billion in the year ended June 2013, according to the Council for Aid to Education. Harvard University, based in Cambridge, Massachusetts, began a $6.5 billion fundraising drive last year, the biggest goal set by a U.S. college, public or private.
UCLA’s campaign will wind down in 2019, the 100th anniversary of UCLA’s founding, the university said.
(An earlier version of this story was corrected because the goal in the headline was written as $4.2 Million instead of $4.2 Billion.)
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