2007. Ultimately, the campaign raised $3.2 billion over 8 years. Over the course of the capital campaign, 191 additional professorships were endowed, bringing the university total to 471 . Like nearly all colleges and universities, U-M suffered significant realized and unrealized losses in its endowment during the second half of 2008. In February 2009, a university spokesperson estimated losses of between 20 and 30 percent. The university achieved the fourth-highest overall research publication output among American research universities in the 2020 Nature Index, behind Harvard, Stanford and MIT. In the 1980s, the university received increased grants for research in the social and physical sciences. During the 1980s and 1990s, the university devoted substantial resources to renovating its massive hospital complex and improving the academic facilities on the North Campus. In its 2011 annual financial report, the university announced that it had dedicated $497 million per year in each of the prior 10 years to renovate buildings and infrastructure around the campus. In the early 2000s, Michigan faced declining state funding due to state budget shortfalls. In fact, the university did not receive direct state appropriations until 1867, and for most of its history, state support has been limited. James Duderstadt, Michigan president from 1988 to 1996, had argued for years that it was a misnomer to call schools like the University of Michigan "state universities." The state's annual contribution to the school's operating budget was less than 6%. "The state is our smallest minority shareholder," he said. In 2011 less than 5% of its support comes from state appropriations, a number continued to drop still further in the years ahead. Between the years 2000 and 2008, the university was engaged in a $2.5 billion capital raising campaign which, after an eight-year duration, raised $3.11 billion, at the time a record for a US public university. Academics The University of Michigan is a large, four-year, residential research university accredited by the Higher Learning Commission. The four-year, full-time undergraduate program comprises the majority of enrollments and emphasizes instruction in the arts, sciences, and professions with a high level of coexistence between graduate and undergraduate programs. The university has "very high" research activity and the comprehensive graduate program offers doctoral degrees in the humanities, social sciences, and STEM fields as well as professional degrees in medicine, law, and dentistry. U-M has been included on Richard Moll's list of Public Ivies. With over 200