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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.

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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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