The University of Montana Foundation has announced the single largest gift in its 123 year history, $24 million to the benefit of the College of Forestry and Conservation and the Global Leadership Initiative.

Director of Communications for the Office of the President, Paula Short, told KGVO News that the pledge has come from Bill Franke and his family.

"It is a hugely generous gift from Bill Franke and the Franke family of $24 million to benefit the College of Forestry and Conservation and the Global Leadership Initiative," Short said. "This becomes the single largest gift ever received at the University of Montana, so we're working through the process on campus because the gift does include a naming proposal, and that means both the College of Forestry and Conservation and the Global Leadership Initiative would be named for the Franke family. It's important to note that the proposal must be approved by the Montana Board of Regents"

Short said details on how the gift will be utilized are still being worked out, but did some provide some general guidelines.

"Generally speaking, that gift would augment both faculty and student opportunities at the University of Montana," she said. "So, I think you'll see some enhanced programs and some new initiatives, but I know the Franke family is looking forward to sharing that information in the near future."