The University announced a $2.5 billion dollar fundraising goal for their “Michigan Difference” campaign at an event today at Rackham Auditorium. Here are details via Crain’s Detroit Business:
“The University of Michigan has set a goal to raise $2.5 billion in the campuswide campaign it made public today.
To date, the university has raised $1.09 billion in cash and $187 million in bequests toward that goal during the “quiet phase” of the campaign, which began in 2000.
If UM reaches its target, the campaign would be the largest in the university’s history. The school’s last campuswide campaign ran from 1990 to 1997 and raised $1.4 billion, exceeding a $1 billion goal.
UM President Mary Sue Coleman named former U.S. President Gerald Ford and his wife, Betty Ford, honorary chairs of the campaign. Ford graduated from UM in 1935 and has served in leadership roles in two of the university’s previous campaigns.
UM’s current campaign will support scholarships, endowed professorships, academic programs, capital projects and other programs across the UM campus.
Of the goal:
* $400 million would go to student scholarships and fellowships.
* $425 million would be used for faculty support.
* $625 million would be used for programs and research.
* $500 million would be used to construct new buildings.
* $150 million would go toward new laboratories. “