Colorado State University received the largest donation in school history Tuesday when alum Walter Scott Jr. gave the school $53.3 million.

Scott is a resident of Omaha, Nebraska. He is a CSU civil engineering alumnus who once led the international contractor Kiewit and now serves on the Berkshire Hathaway board. The College of Engineering will be renamed the Walter Scott, Jr. College of Engineering in his honor.

He made his money in the construction and telecommunications industries and according to Forbes magazine has an estimated net worth of $3.8 billion.

“We are humbled and incredibly grateful for this remarkable gift from Walter Scott,” said CSU President Tony Frank in a university press release. “Walter has been a passionate and generous supporter of CSU since he graduated more than 60 years ago, and this gift is truly transformational. It will allow the Walter Scott, Jr. College of Engineering to attract and support the finest faculty and students for years to come. This truly is a great, great day in our University’s history.”

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