Indiana University has announced that it received donations totaling $342.8 million from the private sector during its most recent fiscal year — the second highest amount on record for the university.

The annual total, which represents actual dollars received, includes gifts through the IU Foundation and the Riley Children's Foundation as well as research grants awarded to faculty by the private sector. All told, IU received 38 percent more funding in FY 2010 than it did the previous year, when the school's campuses received a total of $247.6 million. Gifts made through the IU Foundation increased by 45 percent, to $166.8 million; gifts through the Riley Children's Foundation for the Riley Hospital for Children totaled $14.3 million, an increase of 22.2 percent; and nongovernmental grants to faculty increased by 33 percent, to $161.7 million, setting a record. According to the most recent Giving USA report, contributions to higher education nationally declined by 3.6 percent in 2009.

The largest single gifts and grants were from the Lilly Endowment, which awarded $60 million to the IU School of Medicine for its Physician Scientist Initiative, and IU alumnus William R. Fry, who left a $15 million bequest to the Kelley School of Business for scholarships.

"These generous gifts and grants are an expression of confidence in Indiana University," said IU president Michael A. McRobbie. "We deeply appreciate the donors and grantmakers who recognize the power of the university to contribute to the well-being of our state and nation. The university is committed to providing the finest education and making it accessible to all qualified students, pushing the boundaries of knowledge to enrich the lives of our citizens, and contributing to economic revitalization. The results are particularly gratifying in a period that is challenging for philanthropy."