In times of sequestrations and financial struggles, college and universities across the country are finding it tough to operate the institutions on a daily basis.

With frequent state budget cuts, student dropouts and falling enrolments, they are left to ponder on other means to generate revenues in order to constantly deliver high quality education to the students.

During these times, generous donations and gifts- by eminent personalities, alumni and well wishers, come as 'Life Savors'.

Here is a list of top five donors in the U.S. of $1 million or more to higher educational institutions in the past year:

Michael R. Bloomberg, philanthropist and New York City Mayor, tops the list for his $350 million donation to John Hopkins University, February, to support interdisciplinary research and student financial aid.

"I know of no other institution that can make a bigger difference in lives around the world through its groundbreaking research - especially in the field of public health," Bloomberg told the Guardian.

As a result of his contribution, total endowment by Bloomberg to the University went beyond $1 billion.

The real estate of Muriel Block takes the second place for its $160 million gift to Yeshiva University's Albert Einstein College of Medicine, last month. This gift is touted to be the largest in the university's 60-year history.

As an appreciation to the gift, the university has renamed its several facilities in the couple's( Muriel Block and her late husband, real estate executive Harold Block) honor - including The Harold and Muriel Block Institute for Brain Research; The Harold and Muriel Block Building (which features administrative offices and additional research space); The Harold and Muriel Block Institute for Clinical and Translational Research at Einstein and Montefiore, the University Hospital for Einstein.

In addition, a series of 10 new, fully endowed chairs will be known as the Harold and Muriel Block Scholars.

Irwin Mark Jacobs, 54, founding chairman and CEO emeritus of Qualcomm, and his wife Joan Klein Jacobs, 54, secure the third spot in the list, for their $133 million gift to Cornell University and the Technion - Israel Institute of Technology to create the Joan and Irwin Jacobs Technion-Cornell Innovation Institute (JTCII).

The gift will facilitate joint activities between Cornell and the Technion, including dual master's degree programs, faculty, graduate students and industry interactions.

"We are delighted to partner with Cornell and the Technion on this unique educational initiative," said Joan and Irwin Jacobs. "We believe strongly in the mission of this international collaboration to drive innovation, foster economic development, train a next generation of entrepreneurs and form new companies.

Investor and philanthropist Charles T. Munger's $110 million gift to the University Michigan has fetched him the fourth place in the list of top donors in the country for educational institutions.

The gift is credited to be the largest single donation to the university in its 196-year history. The donation will be used to create a residential society to encourage scholarships and foster interaction within many fields of study.

The residence will be named in recognition of Munger's charity.

Ronald O. Perelman, Chairman and CEO of MacAndrews & Forbes Holdings Inc. and a member of the Columbia Business School's Board of Overseers, has donated $100 million to the School, becoming only the fifth donor to do so in the country.

With this donation, Perelman joins 1969 alumnus Henry R. Kravis's $100 million contribution club, which is considered to be the largest in the School's history.

This donation will be used to support the construction of two new Columbia Business School buildings in Manhattanville. Out of the two buildings, the university has decided to rename one of its buildings as Ronald O. Perelman Center for Business Innovation, for his generous contribution.

"Columbia Business School has its finger on the pulse of the changing nature of business education," said Perelman. "The School's commitment to developing transformative business thinkers is unparalleled, and I am pleased to pledge this gift to help them prepare the next generation of global business leaders."