The University of Texas today will announce a $3-billion capital campaign, reports the Austin American-Statesman.

The quiet phase of the campaign kicked off two years ago and has raised $700-million in gifts, leaving $2.3 billion to raise by the campaign’s planned end of August 2014.

While the faltering economy has many fund raisers worried, the university said it decided to go ahead with what its president, William Powers Jr., called “a reasonable but ambitious goal.”