Rutgers Launching $1 Billion Fundraising Campaign

Brother can you spare a dime? How bout a whole bunch?

Rutgers University is launching a $1 billion fundraising campaign -- and the school could use somes help garnering the funds.

University President Richard McCormick announced the ambitious target Friday during his annual "State of the University'' address at the New Brunswick campus.

McCormick said the university can't wait for the state to provide a windfall and must "take its destiny into its own hands.''

He said the university needs additional resources to fund student scholarships, faculty positions and facilities "that match our ambitions.''

The campaign begins against a backdrop of steep state budget cuts, a salary freeze for university employees and some layoffs.

McCormick said Rutgers must move ahead despite the lingering effects of the economic downturn.