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The University of Toronto was the first Canadian university to amass a financial endowment greater than one billion dollars in 2007. On September 24, 2020, the university announced a $250 million gift to the Faculty of Medicine from businessman and philanthropist James C. Temerty, the largest single philanthropic donation in Canadian history. This broke the previous record for the school set in 2019 when Gerry Schwartz and Heather Reisman jointly donated $100 million for the creation of a 70,000-square-metre (750,000 sq ft) innovation and artificial intelligence centre.