Jul 30, 2013 02:35 PM EDT By Russell Westerholm, UniversityHerald Reporter

Centre College, a small private liberal arts school in Kentucky, received a donation worth $250 million, the Associated Press reported.

The gift from the A. Eugene Brockman Charitable Trust is believed to rank among the largest donations in the history of higher education institutions, according to records kept by the Chronicle of Higher Education.

Centre College president John A. Roush said the donation was given entirely in the form of stock in Universal Computer Systems Holding Inc. The donation will go toward scholarships for science, economics and computer science students.

"The gift marks a fundamental transformation in Centre College's ability to support students whose hard work, character and intellect have demonstrated their potential for leadership," Roush said in a statement Tuesday. "The challenges and opportunities confronting our nation and world are increasingly complex, and the Brockman Scholars Program will empower talented young women and men with the knowledge, creativity and integrity necessary to address them."

According to the Chronicle of Philanthropy, the gift to a U.S. school is only surpassed by New York City mayor Michael Bloomberg's donation $350 million to Johns Hopkins University, announced earlier this year. That donation also pushed his total of money given to Johns Hopkins over $1 billion. He is believed to be the first person to ever give that much to one school, according to Business Insider.

160 students in total will receive full-ride scholarships in 2014 because of the donation, along with more benefits in 2017. All their fees, tuition and room and board will be covered including money to support semesters abroad and summer research and internships.

Brockman formed the charitable trust in 1981 and his son, Robert, attended Centre before receiving his degree elsewhere. The younger Brockman also served on Centre's board of trustees.

"What's really exciting about that is that there are young people out there who yesterday had never heard of Centre College," Centre Vice President of College Relations Richard Trollinger told WKU. "But they will hear about us now because of this gift."

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