Boston University Receives Record $50M Donation

BOSTON (CBS) -- Boston University announced Monday that it has received its largest gift ever – a $50 million donation from an alumnus.

The money from retail industry executive Allen Questrom and his wife, Kelli, will endow 10 faculty chairs and building a new graduate program facility.

B.U.'s School of Management was also renamed the Questrom School of Business.

"This is a transformative moment in the history of the School and the University," said B.U. President Robert Brown in a statement.

Questrom, a former B.U. student, said he decided that investing in education would do the most good.

"I would hope that students, as they go through school and into a career, will periodically reflect on their life, to pay mental homage to the people who helped them along the way and to recognize as they 'make good' that they have a responsibility to 'do good,' to pay it forward by helping the next generation," he said in a statement.

B.U. announced earlier this month that the cost of tuition plus room and board for the 2015-16 school year would total nearly $63,000 for students.