May 14, 2015 11:08 AM EDT By Staff Reporter, UniversityHerald Reporter

The University of California, Los Angeles received a $100 million gift for its business school, Inside Higher Ed reported.

The donation from Marion Anderson, a longtime support of UCLA, will help position the school The UCLA Anderson School of Management to continue the "excellence and honor the legacy of her late husband, for whom the school is named," said Phil Hampton, spokesperson for UCLA.

"We are eternally grateful for Marion's extraordinary generosity, which raises to new heights her commitment to UCLA Anderson and to the entire campus," UCLA Chancellor Gene Block said in a statement. "Marion's most recent gift will enhance learning opportunities for generations of students and support scholarship by faculty who are leaders in their fields. As UCLA Anderson expands its reach and distinctions, Marion's gift provides the resources -- both financial and physical -- to realize an ambitious vision."

The university will use $60 million of the donated funds to support priorities such as student financial aid and fellowships, faculty and research funding, and program innovations to prepare future graduates for leadership positions in the 21st century global economy. The remainder will be "seed funding for a new building," The Los Angeles Times reported. 

"I am humbled by this transformative gift," Judy Olian, dean of UCLA Anderson and the John E. Anderson Chair in Management, said in a statement. "From student fellowships to faculty recruitment and retention, to innovative research programs and the state-of-the-art facilities that will house them, Marion Anderson has enabled our future and empowered us with her confidence in the path we are taking."

This donation is the largest gift in the school's history.

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