UT Austin Exceeds $3 Billion in Fundraising, $50 Million from Livestrong

AUSTIN, Texas (AP) — The University of Texas at Austin has exceeded its $3 billion fundraising goal with a $50 million gift from the Livestrong Foundation.

UT officials on Tuesday announced the major donation to the eight-year "Campaign for Texas," which ends Aug. 31.

Funds from the Austin-based Livestrong Foundation are earmarked for the Dell Medical School to establish the Livestrong Cancer Institutes. The Dell Medical School will enroll its first class in the summer of 2016.

Disgraced cycling great Lance Armstrong in October 2012 stepped down as chairman of his cancer-fighting charity. He later admitted to doping.

The original Lance Armstrong Foundation changed its name to the Livestrong Foundation. Armstrong no longer has ties to the charity that turned a little yellow wristband into a global symbol for cancer survivors — including him.