Indiana University in Bloomington has announced a $40.6 million gift to its school of music from the late David H. Jacobs and his wife, Barbara, both alumni of the school.

The music school — one of the largest in the world — will be called the Indiana University Jacobs School of Music. Twenty million of the gift, the largest ever given to a school of music at a public university, will endow graduate student fellowships, while another $10 million will be used to endow undergraduate scholarships; the remainder will establish endowed faculty positions and support other initiatives. The gift qualifies for matching funds from IU for endowed scholarships, fellowships, and faculty positions, effectively doubling the annual distribution of income earned on it in those areas.

The Jacobs have supported student financial aid and academic programs at IU for many years, and their three children attended the university (one of them, David, was a student at the music school). David Jacobs Sr., a former owner of the Cleveland Indians, and his brother Richard, also an IU alumnus, are widely credited with sparking the Rust Belt city's downtown revitalization by investing in multiple projects, including Jacobs Field and Key Tower. They also built shopping centers in fourteen states, as well as office buildings and hotels. Barbara Jacobs has been a member of the IU Foundation board of directors since 1989, and served as national co-chair of an academic endowment campaign that raised more than $500 million for the university.

The Jacobs School of Music attracts students from every state and more than fifty countries. "The Jacobs have placed in our hands a more certain future, freeing us to plan long-term, extend our reach, and strengthen core values," said music school dean Gwyn Richard. "We are indebted to them for their foresight, for their commitment to public education, and for their interest and dedication to the cultural life of our nation."