The University of Miami’s last Momentum fundraising campaign was a record-smashing success — amassing $1.4 billion in donations at a time when no Florida school had ever before topped the billion-dollar mark.

So what will the U do for an encore? We’re about to find out.

Thursday evening, at a black-tie event attended by hundreds of donors, trustees, top UM administrators and their guests, which included actress Goldie Hawn, walking the orange carpet, UM President Donna Shalala officially announced Momentum2, a follow-up fundraising drive that aims to secure $1.6 billion in donations by 2016.

“This vision is grand, it’s fearless, and it’s comprehensive,’’ Shalala told the gathering.

As is typical with such fundraising campaigns, UM has been quietly soliciting donors for several years to get the ball rolling.

“Even I don’t know how much we’ve raised,’’ Shalala said, as Sebastian the Ibis brought out a sealed envelope.

An ovation erupted as she announced: $905 million.

“ Spectacular,’’ Shalala beamed and guest performance artist Kenny Loggins broke out into a rendition of “Heart to Heart.’’

“The real importance of it is it will firmly establish us in the top ranks of American universities,” said Shalala, 71, who has pledged to stay as head of UM through the campaign.

All major universities do fundraising, but the University of Miami’s original Momentum campaign became something more significant during the past decade: a highly successful metaphor for a school that was striving for, and achieving, new heights.

Begun in 2003 and concluded several years later, Momentum’s $1.4 billion haul was made even more remarkable when considering South Florida’s reputation for lacking a strong philanthropic community. UM’s success was also unusual for such a young university, as it became the first private university established in the 20th Century to reach a 10-digit fundraising goal.

UM’s new $1.6 billion goal is nowhere near the highest in the nation — Stanford University’s latest five-year fundraising drive just topped a record $6.2 billion — but UM’s sights are set very much in line with its chief Florida rival when it comes to prestige, the University of Florida. UF’s Florida Tomorrow campaign was launched several years ago with a $1.5 billion goal, which has almost been reached.

Does money guarantee a university increased quality and significance? Certainly not, but it sure doesn’t hurt. And UM administrators and supporters say the improvements associated with the first Momentum campaign are Exhibit A in demonstrating the importance of attracting dollars.

UM Senior Vice President for University Advancement Sergio Gonzalez credits the Momentum campaign with pushing UM higher in national rankings — U.S. News & World Report now ranks UM No. 38 on its “Best Colleges” list, a ranking that is 29 slots higher than where UM stood a decade ago.

The quality of faculty also improved because of successful fundraising, Gonzalez said. And Gonzalez says the surrounding South Florida community also benefits, as UM’s beefed-up resources fuel local hiring, and help pay for outreach such as community health clinics and partnerships with public K-12 schools.