The Campaign for Tennessee recently announced its goal to raise $1 billion in an effort to help programs grow at all of UT's campuses and institues.

We extend our thanks to the many volunteers and supporters who've helped us achieve this unprecedented amount John Petersen, UT President

The campaign is well on its way. It has raised more than $704 million so far, according to a UT press release. The funds will go to scholarships, professorships, building enhancements and student programs. However, 98 percent of the campaign money is considered "restricted." This means that most of the money is for specific scholarships.

Approximately 88,000 donors have contributed so far. Of the more than $700 million dollars, 80 percent, or about $560 million, was given by individuals or families. The remaining $140 million was given by corporations or foundations. 

"We extend our thanks to the many volunteers and supporters who've helped us achieve this unprecedented amount," said UT President John Petersen in the statement. "We also look forward to a continued momentum to further engage alumni and friends in achieving the university's goals."

The money raised by the campaign will be spread to all of UT's campuses, including the campuses in Knoxville, Chattanooga, Martin, the Space Center in Tullahoma and the Health Science Center in Memphis.