The University of Washington raised $542.4 million from private contributions in the 2016 fiscal year, surpassing the record amount by nearly $60 million.

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The University of Washington raised a record-breaking $542.4 million in private contributions for the 2016 fiscal year, which ended June 30.

The previous record was $482.4 million, raised in the 2014 fiscal year, the university said in a news release.

More than $500 million of the money will go toward supporting faculty and students, and capital funds, the release said. About 80 percent of donors gave less than $500. A number of the largest contributions came from the Bill & Melinda Gates Foundation.

Several large donors gave funds to support specific initiatives.

Microsoft CEO Steve Ballmer and his wife, Connie Ballmer, for example, are offering financial support to graduates of the School of Social Work, so they can begin their careers without a lot of debt.

The Coca-Cola Foundation’s contribution will support the university’s Bothell campus. The funds will provide scholarships and mentoring to 25 first-generation college students there.

Other gifts will support research into the effectiveness of the minimum wage increase in Seattle, and how to regenerate damaged heart tissue.