Rutgers University in New Jersey announced Aug. 5 that it raised a record $187.9 million during the 2014-15 academic year fueled by a surge in donations at the end of a lengthy fundraising campaign.
The public university had a 26.6% increase in fundraising over the previous year's record of $148.4 million, according to the Rutgers University Foundation. University officials said a seven-and-a-half year fundraising campaign that ended on Dec. 31, 2014 raised $1.037 billion. The campaign's conclusion came following the Rutgers Board of Governors adopting a five-year strategic plan in February 2014 that includes plans to enhance infrastructure on its main New Brunswick, N.J. campus.
"Thanks to the growing generosity of our donors, Rutgers University has greater resources to support our outstanding students, groundbreaking faculty research and new classrooms, labs and other world-class facilities," said Rutgers University President Robert Barchi in a statement. "This record level of giving demonstrates donors' enthusiasm for the vision outlined in the university's comprehensive strategic plan, which will propel Rutgers to the ranks of the nation's finest public universities."
Rutgers is rated Aa3 with a negative outlook by Moody's Investors Service, AA by both Fitch Ratings and AA-minus by Standard & Poor's.