Ann Arbor-based University of Michigan became the first public university to raise $5 billion during a fundraising campaign and will use more than $1.4 billion of it to support the school's academic medical center, according to The Detroit News.
The money was raised as part of the university's "Victors for Michigan" campaign, which launched in 2013 and is slated to end Dec. 31. It's initial goal was to raise $4 billion.
More than 382,000 donors pledged dollars to University of Michigan to push the campaign over $5 billion. The university plans to use $1.1 billion for student support and more than $1.4 billion for the school's academic medical center.
The funds for the academic medical center will support patient care, research and education.
"I am thrilled with the broad base of support we've been able to secure through this campaign," Stephen Ross, campaign chair, told The Detroit News.