A new sign will soon hang above the business school doors at Minnesota State University Moorhead.
The university has announced a $5 million gift from Rodney Paseka, CEO of Fargo-based Hebron Brick Company, and his wife, Carolyn. The donation, which went to the School of Business, is the biggest donation MSUM has ever received, Valley News Live reports.
In a Tuesday news release, the university says its business program will be renamed the Paseka School of Business in the couple's honor.
MSUM says "at least 80 percent of this endowment" will go toward scholarships for business students, while the rest could be used to support research, student competitions, faculty positions, speaker series, and more.
Comments Mr. Paseka made to the Forum News Service suggest there's no personal glory in it for him.
"The naming of the school was secondary to what my purpose in this gift is," he said. "This is less about me than it is those students."
It's not just a win for MSUM students, but MSUM itself, as the school tries to ramp up its endowment to $60 million by 2024. The news service says the university has to raise $4.5 million each year to reach that goal, meaning the Pasekas' gift puts them ahead of schedule.
The university credits Rodney with revitalizing the 111-year-old Hebron Brick into a 21st Century company, and also points out that both he and his wife are MSUM alums.