Iowa State’s College of Business announced this morning that they will receive a $7 million gift from the Gerdin Charitable Foundation.

The money is intended to go towards a 35,000-square foot extension onto the current Gerdin Business Building. The expansion is in preliminary stages of design.

“This additional space will complement the purpose of the building, enabling us to continue on our course to become a top business college in the nation,” said David Spalding, Raisbeck Endowed Dean of the College Of Business.

“We are deeply appreciative of their generosity to expand their namesake building, thus ensuring we have the necessary space to provide our students a world-class education for years to come,” Allen said.

The Gerdin family donated the foundational funds to build the Gerdin Business Building in 1998.

“With this gift, our family wishes to express our confidence and admiration for the great work being done at the Iowa State University College of Business,” said Mike Gerdin, who has been a member of the College of Business Dean’s Advisory Council since 2012.

“It has been wonderful to return to Iowa State and see the Gerdin family continue their support of the College of Business,” said Iowa State Interim President Benjamin Allen.

Allen is also a former dean of the College of Business.

This $7 million dollar donation is a part of the Forever True, For Iowa State fundraising campaign.