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The University of Michigan has become the first public university to raise $5 billion, officials said Thursday.

The money was raised under the university's "Victors for Michigan" campaign, which is scheduled to end Dec. 31.

UM President Mark Schlissel said the effort is the most successful fundraising campaign in the school's history.

"The success of Victors for Michigan is further evidence of the power of the University of Michigan family, whose generosity makes excellence possible across the breadth of our three campuses and Michigan Medicine,” Schlissel said in a statement Thursday. “I also thank President Emerita Mary Sue Coleman, who set a bold goal when she successfully launched the campaign publicly in 2013, and the members of our Board of Regents, whose enthusiastic support and leadership helped us reach this historic achievement.”

More than 382,000 donors gave UM more than $5 billion — and more than $1.1 billion of it is dedicated to student support, he said. More than $1.4 billion will be used at the school's academic medical center for patient care, research and education.

More than 90 percent of the $1.1 billion raised for students directly supports undergraduate and graduate scholarships and fellowships, enabling the university to provide financial aid to more than two-thirds of its 46,000 students at its Ann Arbor campus, according to officials.

University leaders attribute the campaign's success to its more than 1,600 volunteers around the world.

“Without our volunteers who dedicate time and service to Michigan, we could not have achieved these amazing results,” Stephen Ross, campaign chair and its largest donor with gifts to the Ross School of Business and the Ross Athletic Campus, said in a statement. “I am thrilled with the broad base of support we’ve been able to secure through this campaign.”

Launched in 2013, the Victors for Michigan campaign had a goal of raising $4 billion —the highest fundraising goal for any public university at the time — for student support, engaged learning and bold ideas.

Donors surpassed the $4 billion goal in April 2017 and continued to break giving records in the following two fiscal years, officials said.

cramirez@detroitnews.com

Twitter: @CharlesERamirez

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