An anonymous donation of $100 million was received by Dartmouth College as an "unqualified" endorsement of University President Philip Hanlon's sweeping vision for the Ivy League college, Reuters reported.
As the largest donation in its 224-year history, it comes on the heels of a sizable gift earlier this year from a hedge fund billionaire to another Ivy League school.
Apart from expanding the school's faculty, students will be given uncommon access to new ideas around the globe through coursework and research opportunities, Inside Higher Ed reported.
"I am deeply honored and grateful for this extraordinary act of generosity," Hanlon said in a statement. "This historic gift is an exceptional vote of confidence as we embark on an exciting journey to ensure Dartmouth remains the preeminent undergraduate institution in the nation; a magnet for human talent; and a college that cultivates a culture of ideas, discovery, and solutions to problems that will make the world a better place."
Over the next decade, the funds will be utilized more specifically to focus on creating 30 to 40 endowed faculty positions, said the statement from school in Hanover, New Hampshire. With a goal of raising an additional $100 million, Dartmouth has announced a matching challenge that will run through December 2015.
"The investment arrives at a pivotal moment in Dartmouth's history," Steve Mandel '78, chair of the Board of Trustees, said in a statement. "It marks the start of a remarkable era propelled by President Hanlon's vision for Dartmouth, a vision that has as its foundation the unparalleled academic excellence of a most distinct liberal arts college."
"In February, billionaire hedge fund manager Kenneth C. Griffin donated $150 million to his alma mater Harvard University, the single biggest amount in that school's history, according to its website," Reuters reported.
A gift of $250 million, believed to be the largest donation given to any medical school in the United States, was given to the Weill Cornell Medical College by former Citigroup CEO Sanford Weill and his wife in 2007, according to the college's website.
