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Jan 30, 2017 08:49 AM EST

Cornell University has received a $150 million from SC Johnson. The gift will be used for the school's College of Business. In its official website, H. Fisk Johnson, chairman and CEO of SC Johnson, and his company have committed to giving Cornell University $150 million for its College of Business. This is the largest single gift to the university's Ithaca campus and the second largest gift to a U.S. business school.

Cornell University's College of Business is comprised of the Charles H. Dyson School of Applied Economics and Management, the School of Hotel Administration as well as the Samuel Curtis Johnson Graduate School of Management. The school's Board of Trustees has decided to rename the college to the Cornell SC Johnson College of Business.

Mr. Johnson said that Cornell University has been a part of his family for over 120 years. He hopes that the gift will help with the growth of the college's reach and impact by strengthening it through enhancing its three individual schools.

Interim President Hunter R. Rawlings III believes that the gift will transform business education at Cornell University. It will be used to provide ongoing support for faculty, students and programs of the college.

According to The Journal Times, Mr. Johnson said that it is an honor that the college is renamed as a tribute to the Johnson family. However, he clarified that the gift is not about himself or his family but it's about the school's future as one of the top business schools in the country.

Cornell Sun noted that $100 million will be used to create a permanent endowment to support the school's future endeavors. It will include faculty recruitment, research opportunities as well as the SC Johnson Scholars program, which will provide programs, internships and opportunities to undergraduates in Dyson and the School of Hotel Administration.

$50 million will be set aside to increase philanthropic support for a challenge grant on a 1:3 matching ratio. The grant will be focused on faculty and student support.

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