Confetti and balloons drop after SMU’s official announcement of its goal to raise $750 million as part of the Second Century Campaign over the next five years. (Lindsey Perkins)

SMU announced on Friday that the university hopes to raise $750 million during the SMU Unbridled: Second Century Campaign, a major fundraising program that will take place over five years.

The announcement began the public phase of the campaign. The quiet phase, which took place during the past two years, has already raised $317 million of the $750 million goal.

“Recognizing our first 100 years, The Second Century Campaign looks boldly to the future to build a new era of achievement,” Turner said. “This campaign will strengthen our ability to enable the best students to attend SMU and the most distinguished faculty to teach and inspire them through challenging academic programs.

“With these contributions to the intellectual and economic vitality of Dallas, SMU will increasingly play a leadership role in supporting our region as a national center of commerce and gateway to the global community. The Second Century Campaign represents a great opportunity to shape our future with confidence and optimism.”

Officials set the $750 goal after looking at the total donations received during the quiet phase. About 42 percent of the goal was raised during the quiet phase.

To achieve the remaining 48 percent, SMU hopes to bolster alumni donations, with 25 percent of alumni giving each year and 50 percent of alumni giving during the duration of the campaign. The current number of alumni who give to SMU is 18 percent.

The announcement was made in a tent in front of Moody Coliseum. Following the presentation, a luncheon was held for the SMU community.

The presentation included an outline of the three areas that will benefit from the campaign: student quality, faculty distinction and campus experience.

Two hundred million of the $750 goal will be used to create more scholarship opportunities for students. Three hundred and fifty million dollars will be used to increase the number of endowed faculty positions. Two hundred million dollars will be used to expand university services, create more student housing as part of a sophomore residency requirement, expand campuses in Taos and Plano and enhance the athletics program.

SMU’s last major campaign, “A Time to Lead,” ran from 1997 to 2002. It raised $542 million. The goal was $300 million.