BURLINGTON, Vt. (AP) – The University of Vermont reached a $250 million fund raising goal five months ahead of schedule, said UVM President Dan Fogel.

The largest share of the money raised in “The Campaign for the University of Vermont,” which began in 2001, will be used to support the faculty and provide student scholarships.

Smaller portions of the money are to fund capital projects and the university’s endowment. As of Thursday the total amount raised was $250.6 million.

“This is fantastic news,” Fogel said. The ability to reach the goal early reflects “a great deal of high confidence in the university,” he said.

Fogel’s announcement was made Friday during a meeting of university trustees.