New York University announced a seven-year fundraising effort to raise $2.5 billion for scholarships, faculty expansion, facilities development and academic development. In a message on NYU's website, NYU President John E. Sexton declared that the effort, The Campaign for NYU, was intended to make NYU the home for the next generation of intellectual leadership.

According to The Chronicle of Higher Education, the campaign has already raised $1.1 billion during its non-public three-year phase. The university will raise the remaining $1.4 billion during the four-year public phase scheduled to conclude in 2008, an effort that will require raising $1million a day to collect the entire $2.5 billion.

The University also plans to hire 125 additional faculty members over the next five years with money from The Partners Fund.

The University also announced that the Tisch family has donated $50 million. University officials have not yet decided which projects their donation will fund.