Washington, D.C.'s Catholic University of America is receiving six monetary commitments that total $47 million to add to the operational needs of its School of Business and Economics and other university programs that are academic in nature.
The Catholic University of America's website announced that the signature gift from the Busch Family Foundation is the largest funding commitment ever received by the university.
"Today marks a historic day for Catholic University, in which it is propelled forward in its mission to serve both Church and nation through the incredible generosity of several benefactors," said Cardinal SeÃ¡n O'Malley, archbishop of Boston and chairperson of the University's Board of Trustees.
The Busch Family Foundation established by Tim Busch and his wife, Steph, will be used for the renovation of Maloney Hall, which will house the business and economics school, reports executive director of university communications Elise Italiano.
Busch is the CEO and founder of Pacific Hospitality Group and the Busch Firm, among other concerns and charities based in Irvine, California. Busch was also co-founder and chairperson of the board of The Napa Institute. The organization has co-sponsored two conferences with the School of Business and Economics.
Tim Busch is also the chairperson of the University's Board of Visitors and is about to end his 12-year position on the University's Board of Trustees. The business school is to be named the Tim and Steph Busch School of Business and Economics to recognize the couple's support of the school's business education programs as advised by the principles of Catholic social teaching.
"We are committed to supporting Catholic University's vision for business education which integrates principled entrepreneurship and Catholic social teaching in a distinctive way," said Tim Busch. "Students at the school of business and economics learn how businesses can be highly profitable and innovative, while also meeting the needs of communities and promoting human flourishing."
University President John Garvey said the Busch family had not only been outstanding supporters of the business school's unique approach, but they had also attracted additional generous supporters who have dramatically increased the school's growth and success.
A smaller group of donors will also be supporting the new Institute for Human Ecology which will aim to incorporate Pope Francis's challenge of "Laudato Si'" that will study human beings' interrelationship at home and around the world.
The university was created by a papal charter in 1887 and currently has a student body of 6,700 students, which includes 3,600 undergraduats. The school is located in Northeast Washington and serves under the watch of a board made up of many Catholic bishops, archbishops, and cardinals, according to Nick Anderson of The Washington Post.
The school has offered students an education in economics and business for over a century, but in 2013, the subjects were given the level of a full status school within the university, says the Catholic News Agency.