The capital campaigns of the University and the Faculty of Arts and Sciences (FAS) are running eight months ahead of schedule, Dean of the Faculty of Arts and Sciences Jeremy R. Knowles announced yesterday in a letter to the Faculty Council.

As of December 31, the FAS had raised nearly $796 million, just over 80 percent of its goal of more than $900 million.

Knowles wrote that the cash influx has allowed the FAS to "respond to some of our greatest needs."

One concern expressed at the meeting is that the ultimate campaign goal may not be reached without approaching donors who have already made contributions to the campaign, according to John B. Fox, Jr., secretary of the FAS.

This places University officials in the unique position of saying that it is both ahead of schedule--but would still like more money.

The difficulty facing the committee is that many prospective donors no longer view Harvard as an institution needing their money because the University's endowment is so large and has grown so substantially in recent years.

Knowles cautioned the council in his letter to "avoid the impulsive enjoyment of a boom that will only produce a bust in future years."

The council also discussed the continuing needs of the College, most notably the maintenance of Harvard's extensive library system in a way that is both effective and efficient.

The council, joined by the Harvard College Librarian Nancy M. Cline, revisited the library's "digital initiative" and discussed the renovation of Widener Library, which lacks air conditioning and humidity control.

"We have to figure out how to manage what may be the single biggest expense of the University," Fox said.

In upcoming meetings faculty committees will discuss changes in the way financial aid is calculated in GSAS.