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updated: 7/24/2013 4:56 PM

U of I raises record $428 million

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Associated Press

CHAMPAIGN, Ill. -- The University of Illinois says it pulled in more $400 million during the last fiscal year.

The university said Wednesday that the $428 million raised by the school and its foundation in the fiscal year that ended June 30 was the first time the annual figure for donations and pledges topped $400 million. The previous high was $367.4 million, which was set in fiscal 2007.

Thomas J. Farrell, CEO of the University of Illinois Foundation, said the donations are important in creating what he called the university's "margin of excellence."

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