COLUMBIA - University officials announced a record breaking fundraising year on Wednesday. In 2018, the University of Missouri raised more than $147 million in cash gifts, breaking the previous record of $121 million in 2017. 

The fundraising effort is part of the university's "Mizzou:Our Time to Lead" campaign, launched in 2015. The goal of the campaign is to raise more than $1.3 billion dollars. 

MU Chancellor Alexander Cartwright said this campaign is meant to ensure student success and enhance the work of MU faculty. 

"Overall, including pledges, our alumni and friends donated nearly a $162 million in fiscal year 2018. As a result, I am happy to announce that the Mizzou: Our Time to Lead campaign has crossed the billion dollar mark, Cartwright said.

The Vice Chancellor of Advancement, Tom Hiles, said a large portion the funding will support student programs.

"Let's do something that focuses on really taking initiative on scholarships, study abroad, internships and our alternative summer breaks. And really enhancing student success," Hiles said. 

Cartwright said this is an encouraging step forward in light of a challenging period for the university.

"This shows that there's still this love of this great institution and people who have been here or who continue to be engaging with the university understands how much this university is doing for society, doing for Missouri, for our students. I think it does show that we are coming back as big of a way as possible," Cartwright said.