Loyola Marymount University’s capital campaign has raised $382 million, exceeding its goal seven months early, university officials announced Oct. 13.

The university was the beneficiary of a largess from the William H. Hannon Foundation.

“This is tremendous cause for celebration, and another example of how a great institution builds on its successes,” LMU President David W. Burcham said. “Our most recent gift, a $5 million pledge from the William H. Hannon Foundation, put us over the top.

“Now, it is my intention to reach $400 million by the end of the campaign.”

The gift from the Hannon Foundation is targeted for the Life Sciences Building.

The campaign – Right Place. Right Time: The Campaign for LMU – was publicly launched in late 2005 with a $300 million target. In 2009, the target was raised to $380 million and the campaign was extended through the LMU centennial, which concludes in May.

Its goal is to increase financial aid and scholarships for students, enhance recruitment and retention of faculty scholars, and to improve the research and learning environment by building new facilities.

During the campaign, LMU raised funds for and completed the William H. Hannon Library and Thomas P. Kelley Jr. Student Art Gallery; remodeled the Von Der Ahe building as an alumni and student service center; and has raised $66 million for the next major campus addition, the Life Sciences Building. The university also created 237 student scholarships, as well as 19 chairs and professorships.

The William H. Hannon Library opened in 2009. The circular building houses more than 500,000 volumes, extensive archives, special collections, state-of-the-art technology and study areas.

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