Salve Regina University in Newport, Rhode Island, has received a $12 million gift from the Jean and David W. Wallace Foundation to expand programs within its Business and Economics Department, What’sUpNewp reports.

With a focus on creating innovative experiences in business, the gift will name the Jean and David W. Wallace Department of Business and Economics and help to create the Anita and Robert R. Young Department Chair. The endowment will be used to expand business student and faculty participation in conferences, competitions, economic impact studies, and entrepreneurial initiatives. In addition, the gift will support the initial strategic planning, design, and launch of the Salve Compass Program, which provides students with hands-on, real-world skills and knowledge to succeed in college and the job market.

A longtime supporter of the university, the foundation has awarded more than $24.6 million across numerous generations to date.

“The value of the Wallace family’s gifts to the university cannot be overstated. We would not be where we are without them,” said Salve president Kelli J. Armstrong. “This latest gift will help us strengthen the Business and Economics Department with lecture series, scale up our experiential learning, support faculty projects, and stay up to date on the needs our students will fill for communities when they graduate. It positions us to provide opportunities that build real-world readiness for all.”

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