Durham, N.C. — Duke University’s Financial Aid Initiative, a fundraising effort that began in January 2005, has raised $308.5 million in a new endowment for financial aid, officials said Monday.

The four-year effort passed its overall $300 million goal in November and ended at the close of 2008.

“These uncertain economic times are a reminder of just how important it is for a university to have permanent endowment dedicated to financial aid,” Duke President Richard Brodhead said in a statement. “It is our obligation as a great university to ensure that talented students can get the education that will enable them to reach their potential. Financial aid endowment helps us fulfill our core commitment to make a Duke education accessible and affordable.”

A total of 4,364 alumni, parents and friends contributed to the initiative, establishing 478 new scholarship and fellowship funds and supporting 330 funds established previously. Of the $308.5 million raised through gifts and pledges, $226 million is dedicated to need-based undergraduate scholarships, $20.6 million to athletic scholarships, and $61.9 million to graduate and professional student support.

Duke’s current budget includes $86 million – a 19 percent increase from the 2007-08 budget – to support Duke’s undergraduate financial aid program and fund these enhancements. About 45 percent of undergraduates receive financial support to attend Duke; about 40 percent receive need-based aid.