JOHNSON CITY, Tenn. -

The ETSU Foundation reaches its’ highest fund balance in history as efforts continue to raise money for the school's arts initiative and other programs.

Today, the foundation's benefactors gathered at the Millennium Centre to recognize those efforts from this past year.

ETSU president Brian Noland tells News 5 that so far they have collected $6 million for the Performing Arts Center. That number is about two thirds of their anticipated goal.

Noland says, “There are a lot of moving parts, but our hope is that all those moving parts come together in concert. We hope that by this time next year we're not only able to present to the board design and construction documents, but a location and a fully articulated plan.”

Although construction has not begun yet, the hope is for the facility to be built in a lot close to the Millennium Centre.

The university is hoping to purchase the property near the Bank of Tennessee in the near future.