In an unprecedented display of fundraising prowess, Stanford has become the first college to raise more than $1 billion in a single year, according to a survey conducted by the Council for Aid to Education.

The University raised $1.035 billion last year, 46 percent more than the 2011 fiscal year’s $709 million total and significantly more than its 2006 record of $911 million. Stanford also outpaced peer institutions by a significant margin. Harvard and Yale came second and third, collecting $650 million and $544 million respectively.

Last year marked the eighth straight year Stanford ranked first in the Council’s annual college fundraising survey.

Stanford saw a rise in donations after the 2012 completion of the five-year Stanford Challenge—which raised $6.2 billion in total—and after the launch of the $1 billion Campaign for Stanford Medicine.

According to a report by the Associated Press, Stanford’s record-breaking fundraising efforts were due in part to the efforts of 79,000 donors. Notable donations include a $100 million gift from Silicon Valley investor Robert King ’60 and his wife Dorothy to the Graduate School of Business.

“Higher education for most people represents hope for a better future, and donors want to invest in that,” said Martin Shell, vice president for development, in the report.