Washington D.C., Apr 19, 2016 / 04:56 pm (CNA) – The Catholic University of America’s business school has received several major financial gifts, including the largest donation in university history.

The Washington, D.C., university announced a total of six commitments totaling $47 million. The money will go to general university programs as well as operational costs for the business school, which will be renamed the Tim and Steph Busch School of Business and Economics after the lead donor in the project.

Boston Cardinal Seán O’Malley, chairman of the university’s Board of Trustees, praised the development.

“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,” he said.

According to a statement by the university, “The lead gift of $15 million from the Busch Family Foundation is the largest financial commitment the University has received to date.”

The Busch Family Foundation is run by Tim Busch and his wife, Steph. Tim Busch is founder and CEO of Pacific Hospitality Group and The Busch Firm, as well as co-founder and chairman of The Napa Institute. He is currently concluding his time on the university’s Board of Trustees.

CUA said that the business and economics school “will be renamed in recognition of their support for the University’s approach to thought-leading business education informed by the principles of Catholic social teaching.”

University president John Garvey noted that the Busches are CUA “largest benefactors to date” and expressed thanks for their “unparalleled support for the unique approach of our business school.”

Garvey also said that they have “attracted other major supporters whose gifts have nourished the school’s success.” Other donors include the Arthur and Carlyse Ciocca Charitable Foundation, the Charles Koch Foundation, university alumnus Joe Della Ratta, and the Blanford Charitable Gift Fund.

Among the projects supported with these donations are the renovation of Maloney Hall, where the business and economics school will be relocated; academic programs in the business school; and a new Institute for Human Ecology, which will respond to Pope Francis’ encouragement in Laudato Si to examine the relationship of man and the created world.

“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 of the donation.

“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,” he said.