(Source: Stanford University)

In recent weeks, several major universities have announced capital campaigns with eyebrow-raising goals. Virginia hopes to raise $3 billion, as does Yale. Columbia topped both of them with its $4 billion effort, the largest campaign ever attempted by an American University (any university, for that matter).

Until yesterday. Not to be outdone, Stanford went public with its $4.3 billion campaign, which has already raised about $2.2 billion.

Clearly, the arms race among elite universities has escalated. Modern facilities, better faculty offers, more student aid and spiffy new programs will, the thinking goes, combine to attract the best and brightest and inch a school up the rankings. Penn and Cornell will soon announce similar efforts, and many more are likely on the horizon.

Chief among those horizon dwellers is Harvard. Wait for the university to select a new president and let him or her become ensconced. Then watch for a $5 billion announcement.