With a loud burst of confetti and applause, Iowa State’s College of Business surpassed one of its Campaign Destiny goals by receiving a multimillion dollar donation.

ISU President Martin Jischke announced Friday an $8 million gift from Becky and Steve Smith to the College of Business in the Sun Room of the Memorial Union.

The college has been raising money in order to begin construction on its new facility, the Gerdin Business Building, which is scheduled to be open by 2003.

“Becky and I are just delighted to help in some small way,” Steve Smith said. “In 1970, there really was no College of Business — you’ve come a long way.”

The Smiths’ gift will allow the college to exceed its building goal of $21.5 million and bring it closer to the ultimate goal of $35.5 million.

“This kind of generosity is humbling and inspirational,” Jischke said. “The strength of a university is found in its people.”

Benjamin Allen, dean of the College of Business, said he believes the gift will help advance the college.

“We know that we must and can get better in order to prepare our students for the future,” he said.

In addition to financing the new building, the Smiths’ gift will create faculty endowments.

Paula Morrow, professor of industrial relations in the College of Business, said the donation will help bring in quality professors.

“We will continue to be able to attract the best and brightest business faculty,” she said. “[The gift will] help us to retain some truly exceptional faculty.”

Morrow said the college looks at this donation as a responsibility.

“They have chosen to entrust their legacy with us, and we take this very seriously,” she said.

Students in the College of Business showed their appreciation by presenting the Smiths with a picture of the Campanile.

Jessica Millhollin, senior in marketing, was one of the presenters.

“We appreciate your faith in us and the opportunities you have opened up,” Millhollin told the Smiths during the presentation.

Steve Smith, originally from Marshalltown, is a 1970 ISU alumnus with a business degree from what was then called the Department of Industrial Administration. He was employed at Proctor and Gamble for 20 years and founded Sales Insights, a consumer packaged goods industry consulting firm, in 1996.

Becky Smith is a native of Holdenville, Okla., and graduated from Oklahoma State University with a degree in mathematics. She has been with IBM for 23 years and is now the company’s vice president of Software Sales in the Americas.

“We believe strongly in helping students so they have a chance,” she said.

The Smiths will give Oklahoma State a similar gift.