This story has been updated with additional information from the university.

Indiana University is receiving a $100 million gift and renaming the graduate division of the Kelley School of Business after alumnus and donor Jeffrey H. Thomasson.

It’s the largest gift from an individual in IU’s history, according to a press release, although technically it’s from both Jeffrey and his wife Benita Thomasson.

Speaking to the Board of Trustees executive committee on Zoom Wednesday, President Pamela Whitten said the gift to Kelley would be “transformational in every aspect.”

The donation will contribute to bringing graduate programs at IU Bloomington and Indianapolis under the aegis of a new Thomasson Graduate School of Business, as well as scholarships for undergraduates in the Lilly Family School of Philanthropy. The Thomasson family already supports a fellowship for undergraduates at Kelley.

Thomasson is CEO and founder of the Oxford Financial Group, a Carmel-based wealth management firm which he founded shortly after receiving his MBA from IU in 1981.

IU released the news shortly after holding an online executive session of the Board of Trustees to discuss the name change. Naming a “major organization” at IU, such as a school, requires approval from the president of the board as well as the Vice President for Capital Planning and Facilities.

IU spokesperson Mark Bode said in an email that the Thomasson Graduate School of Business will not be considered a new school or separate from Kelley, and the naming does not involve administrative changes. He added the gift would contribute toward endowed faculty positions at the business school.