Chancellor Wiley is campaigning to raise one billion dollars for the University of Wisconsin over the next seven to eight years.

The university, in conjunction with the UW Foundation, a non?profit corporation in charge of fundraising for UW, hopes to illicit the money from private donors. However, the amount of money garnered from private donors has decreased in the past two years, according to UW Foundation president Sandy Wilcox.

“People are significantly less wealthy than they were two years ago, and we have to acknowledge that,” Wilcox said in a statement.

Wilcox also said the current fundraising effort relies heavily on monetary gifts from loyal donors to begin the billion?dollar attempt.

Such frequent donors will have some say in the projects supported by their money, according to Chancellor Wiley, who said the donors would be instrumental in determining which specific endeavors receive funding.

Currently, the university gains approximately one million dollars in private donations yearly. This fundraiser will add significantly to the funds available to pursue university improvements and additions.

One possible project the funding will support is the Biostar Initiative that includes four new bioscience buildings.

The university will formally announce the fundraiser within the next year. Information on the amount of money already raised is currently unavailable.