USC looking to raise $1 billion by summer of 2015

COLUMBIA, S.C. (AP) — The University of South Carolina is embarking on the largest college fundraising campaign in the state’s history, with hopes of raising $1 billion by the summer of 2015.

Friday’s announcement by President Harris Pastides coincides with homecoming weekend.

The university has already raised nearly $529 million since the campaign’s unannounced phase began in July 2007.

Pastides says he knows the economy is tough, but the need is profound. He says the campaign is needed to maintain a quality education and keep tuition increases down amid declining state support.

Six broad initiatives for the money include a new research center for the aerospace industry announced earlier this year.

Each USC campus and department has separate fundraising goals.

The school will host virtual kickoffs in 20 cities nationwide in May.