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Sep 05, 2014 06:10 AM EDT

The University of South Florida St. Petersburg (USFSP) has renamed the College of Business to Kate Tiedemann College of Business after receiving a $10 million gift.

The largest single donation in the school's history aims at supporting business research and education for generations to come.

"Ms. Tiedemann's personal story of overcoming challenges to fulfill her dreams and to give back to the community is a true inspiration for all. This gift ensures that others' dreams will become a reality," said USF System President Judy Genshaft in a statement.

Tiedemann, the 78-year-old resident of Pinellas County, is the founder and former CEO of Katena Products, Inc., in Denville, N.J. She said that she might have achieved more had she completed high school and college education. Tiedemann said that her highest level of education is grammar school.

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Tiedemann is extremely proud to leave her legacy at USF that helps students to land good jobs.

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"Faculty and students are doing their part. This gift allows me to affirm and accelerate their good work," Tiedemann said. "I was fortunate enough to create a successful business in the U.S. and I feel strongly about creating a long-lasting legacy."

Besides contributing to education sectors, Tiedemann also generously donated to hospitals including the Saint Clare's hospital system in New Jersey and Clearwater-based Morton Plant Mease.

"Dreams can come true," said Regional Chancellor Wisniewska. "Kate's gift will allow us to enhance our programs and the student experience overall. It is a dream come true not only for our students, but for the faculty and community as well."

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