Dartmouth College has received an anonymous donation of $100 million - the largest in its 244-year history, the Ivy League school said on Thursday.
The donation will be used in part to expand the school's faculty and comes on the heels of a sizable gift earlier this year from a hedge fund billionaire to another Ivy League school.
"I am deeply honored and grateful for this extraordinary act of generosity," said Dartmouth College President Philip Hanlon in a statement on Wednesday. Hanlon was named president in June 2013.
More specifically, the funds will be used to create 30 to 40 endowed faculty positions over the next decade, said the statement from school in Hanover, New Hampshire. Dartmouth also announced a matching challenge that will run through December 2015 with the aim of generating an additional $100 million.
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.
In 2007, former Citigroup CEO Sanford Weill and his wife gave the Weill Cornell Medical College a gift of $250 million, believed to be the largest donation given to any medical school in the United States, according to the college's website.
(Reporting By Curtis Skinner; Editing by Scott Malone and Gunna Dickson)