Northeastern University recently received a $60 million gift  for its College of Business Administration - the largest philanthropic contribution it has ever received - from two alumni. In honor of the gift, Northeastern will for the first time name one of the school's departments, calling it the D'Amore-McKim School of Business after Richard D'Amore and Alan McKim.

D'Amore and McKim originally teamed up in 2004 to endow a professorship in the department.

"This unprece­dented invest­ment will allow our School of Busi­ness to build on its strength in global entre­pre­neurial pro­grams and make a quantum leap for­ward," said North­eastern pres­i­dent Joseph E. Aoun. "It will also gal­va­nize our com­mu­nity and allow us to set our col­lec­tive sights even higher."

This funding will help Northeastern's business school establish itself as a leader in the United States. It has recently been gaining notice for its top entrepreneurship, experiential learning and international programs.

Institutions that receive groundbreaking donations to improve their offerings can use a fundraising management program to account for all incoming gifts and make sure funds are being distributed to the programs that require the most support.