SYRACUSE -- Syracuse University announced Thursday that it surpassed its $1 billion fundraising goal as part of 'The Campaign for Syracuse University.'

The fundraising efforts, which will continue until December 31st, raised $1,008,612,731 as of August 31st.

The money will go toward scholarships and fellowships; endowments for deans, chairs, and professors; advancements in teaching, research, and community engagement initiatives; teaching and research facilities; and the Fund for Syracuse.

For the university, the fundraising is especially noteworthy, considering the economy.

"Sixty thousand donors to this campaign - That's an incredible show of support during what's been one of the toughest times for our economy," said Tom Walsh, Executive Vice President for Advancement and External Affairs at Syracuse University. "And some amazing generosity from some of our trustees and lead donors that really set a new bar for Syracuse in terms of giving."