Indiana University President Michael McRobbie says the school aims to raise more than $5 billion during the next decade.

McRobbie said Tuesday in his annual State of the University address that the university hopes to meet its goals through two campaigns, one of which will be launched next month.

He says the university is in "constant campaign mode," and private philanthropy is vital for enhancing student financial aid, endowed faculty chairs, specialized buildings and academic initiatives.

McRobbie says Indiana University is working to increase alumni engagement, service and giving.

The university has about 109,000 students at its eight campuses across the state.

During his address on the IUPUI campus, McRobbie outlined six core principles that will guide the university over the next decade leading up to its bicentennial anniversary in 2020. In addition to basics like ensuring an excellent education and recruiting and retaining a great faculty, IU will aim to maximize research, increase international engagement, support the health sciences and health care industries; and strengthen its economic development efforts.

A video version of McRobbie's speech is available here.