On Monday, the University announced that it raised its fundraising goal by $500 million to a total $5 billion.

The Campaign of Inquiry and Impact, which began a public fundraising project in fall of 2014, has a goal of raising money from alumni in order to fund research, provide financial support to graduates and undergraduates, and establish the University’s academic influence across the globe.

According to the News Office, the chair of the Board of Trustees Joseph Neubauer said that the new goal is meant to make the most of the campaign’s traction. The campaign had raised more than $3.61 billion as of last week, breaking records for the most money raised by a University of Chicago campaign.

“By raising the goal, we’re recognizing the success of the campaign to date, and affirming the University’s determination to broaden access for all students and support critical areas of inquiry,” Neubauer said.

The funds raised so far have been pledged to a variety of projects such as the Pearson Global Forum, announced fall of 2015, and the Mansueto Institute for Urban Innovation, announced last March, in addition to a $100 million expansion to the Odyssey Scholarship program.

“This campaign is a commitment to the future of what they will accomplish, and it continues to demonstrate the enthusiastic support of the University of Chicago community for an ambitious approach to intellectual exploration with broad impact,” President Robert Zimmer said.