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Apr 22, 2017 07:25 AM EDT

University of Michigan ExceedsTheir $4 Billion Student Support Fundraising Goal [VIDEO]

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The University of Michigan's Victors for Michigan campaign has met their major fundraising goal and has already surpassed the $4 billion mark on Thursday. Vice President for Development Jerry May announced the update during the UM's Board of Regents meeting and said that goal was met with 20 months to spare after it was launched in 2013.

May said the university has set its goal to approach its $1 billion mark for student support, with $917 million raised toward the goal. The donations from university faculty, staff and retirees have greatly helped reach the campaign.

UM still needs to raise an additional $484 million in order to meet its goals in precision health, the biosciences, sustainability, the Poverty Solutions initiative, innovation and a wide range of efforts focused on diversity, equity and inclusion.

The university was aided by a new $15 million gift from the Ford Motor Company for a new robotics building for the College of Engineering. Long time donors Bill and Dee Brehm also donated $5 million for scholarships in the School of Music, Theatre & Dance.

New York real estate tycoon and majority owner of the Miami Dolphins, Stephen Ross, has pledged $200 million toward the campaign, where $100 million went to UM business school. The other $100 million was allocated to the athletic program.

MLive reproted, Richard Rogel, owner of insurance company Preferred Provider Organization of Michigan gave $50 million where $30 million of which was used for scholarships for UM medical school students. The remaining $20 million will support faculty, students and programs at the Center for Chinese Studies in the College of Literature, Science, and the Arts, and university initiatives.

Chairman of Berkshire Hathaway, Charles Munger, gave $20 million to the law school and $100 million will go to the building of a new graduate school residence. Philanthropist Helen Zell donated $50 million to college of LS&A.

In July 2016, UM got a $17.5 million commitment from Madeline and Sidney Forbes toward cancer research, which created the Forbes Institute for Cancer Discovery within the UM Comprehensive Cancer Center.

© 2017 University Herald, All rights reserved. Do not reproduce without permission.

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