Loras College in Dubuque, Iowa, has announced a gift valued at $15 million from J. Paul and Frances Breitbach to promote Catholic studies.

The gift — the largest in the school's 166-year history — provides $500,000 a year for the remainder of the Breitbachs' lives, and $10 million, to be distributed from a charitable remainder trust, upon their deaths. The gift will be used to create a Catholic thinkers and leaders course and establish a Center for Catholicism in Corporate America at the school, increase support for a graduate program in pastoral studies, and enhance the school's faith community.

J. Paul Breitbach, a 1960 graduate of Loras College, was named executive vice president and chief financial officer of the Krispy Kreme Doughnut Corporation in 1992 and guided the company through the second most successful IPO offering in Wall Street history. In 2001, Breitbach retired from the company and was appointed president of its foundation.

"This generosity of the Breitbachs will greatly enhance the ability of Loras College to promote study of the Catholic intellectual tradition, prepare students for various forms of service to the church, and train business students to apply Catholic values and teaching in the business world," said Loras president Jim Collins.