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Stanford University Nets $6.2B In 5-Year Fundraising Campaign

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Stanford University Campus

View from the Stanford oval lawn toward Memorial Church. (James Irwin / CBS)

PALO ALTO (CBS/AP) – Stanford University says it raised more than $6 billion in its latest five-year fundraising campaign.

School officials said Wednesday the $6.2 billion is helping fund a new interdisciplinary approach to teaching and research.

Officials say the Stanford Challenge was launched in October 2006 with a goal of raising $4.3 billion. Over the next five years, the university received donations from more than 166,000 alumni, parents and community members.

The money is being used to fund hundreds of new faculty positions and graduate student fellowships, build or renovate 38 campus buildings and provide more than $250 million for need-based undergraduate scholarships.

Stanford leaders say the money will help develop a new model for higher education that can help address problems from climate change to global security.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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