POSTED AT 10:44 AM ON Oct. 13, 2009 | PRINT | Email | SHARE | COMMENTS (0)

U’s Matching the Promise campaign exceeded its $1 billion mark on Tuesday.

The campaign, which is managed by the IU Foundation, provides scholarships and fellowships to help IU stay affordable for students, according to an IU press release. The money is also used to fund faculty chairs and to construct teaching and research facilities.

In 2003, when the campaign was launched, the University set its goal for $1 billion, according to the release. Last February the campaign raised its goal to $1.1 billion.

Since 2003, more than 155,000 individuals and 7,600 corporations and foundations have contributed to the campaign’s fundraising efforts.

The campaign hopes to raise $84 million in eight months to reach its goal of $1.1 billion.