The University of Illinois Foundation announced on Wednesday that it set a record for new funds in a given year.

The University’s fundraising arm raised $428 million in fiscal year 2013, marking the first time the UIF surpassed the $400 million mark. The previous mark was $367.4 million in fiscal year 2007.

The Urbana campus recorded more than $342 million in new gifts, grants, pledges and deferred commitments.

“As we all know, these gifts are essential investments in the University’s mission, and create the ‘margin of excellence’ financial support that sustains the great work of our faculty ? and the activities and aspirations of our students,” said UIF president Thomas Farrell in a press release.

Farrell will present a report on the fundraising efforts at the Board of Trustees meeting Thursday in Chicago.