Kansas University has joined the billion-dollar club.

KU Endowment Association on Friday reported the value of the foundation’s endowed funds at $1.05 billion, topping the billion-dollar mark for the first time.

“While reaching the $1 billion mark is a significant milestone, KU Endowment’s work is never done,” KU Endowment President Dale Seuferling said in a prepared statement. “In a time of increased demands on public funding, support from private donors is critical to helping the university serve students, faculty and the state of Kansas.”