Stanford University has set a new record for college fundraising, becoming the first school to collect more than $1 billion in a single year, according to a report released Wednesday, the Associated Press reports. For the eighth straight year, Stanford ranked first in the Council for Aid to Education’s annual college fundraising survey, which shows that elite institutions continue to grab a disproportionate share of donor dollars. In the 2012 fiscal year, roughly 3,500 U.S. colleges and universities raised $31 billion, 2.3 percent more than the previous year. The record was set in 2008 when schools took in $31.6 billion before fundraising dropped during the height of the financial crisis.
“We’re climbing out of the doldrums,” said survey director Ann Kaplan. “We haven’t returned to the high point of 2008, but we’re approaching it. I think you can say that about a lot of industries…”