Georgia Tech receives $50M gift | Business

ATLANTA (AP) - Georgia Tech says it has received a $50 million gift from an alumnus that will be the single largest cash gift in school history when it's completed in 2013.

Georgia Tech officials on Monday announced the gift from Ernest Scheller Jr., a 1952 graduate. The school said the College of Management is being renamed the Ernest Scheller Jr. College of Business in his honor.

School officials say the donation is already being used to increase faculty during a time when budgets have been cut. The funds will be used to add nine endowed faculty chairs and professorships as well as 43 undergraduate and graduate scholarships.

Dean of the College of Business Steve Salbu says the donation will help the school stay competitive in tough economic times.