ANN ARBOR, Mich. (AP) – The University of Michigan has received $294.5 million in funding over fiscal year 2015, bringing its total endowment to $10 billion.
As of June 30, the school’s endowment had reached the $10 billion dollar mark, up from $9.7 billion the previous year. Many of the investment gains and new endowment gifts received by the university this year were the result of fundraising efforts, including the Victors of Michigan campaign, which has a fundraising goal of $4 billion.
University of Michigan officials announced Thursday that the school’s total endowment is the ninth-largest among all U.S. universities.
Total cash and investments for the University of Michigan stood at $11.7 billion as of June 30.