Alum donates record $10M to Cleveland State University

CLEVELAND (AP) — Cleveland State University has received the largest gift in its 47-year history and plans to rename its business school as a thank you.

The university today announced a $10 million donation from Monte Ahuja, a Cleveland State graduate and local entrepreneur. Officials said the university’s trustees have voted unanimously to rechristen the business school the Monte Ahuja College of Business.

Ahuja is the founder of Transtar Industries Inc., a Cleveland-based maker of automotive transmission parts. The university says in a news release that Ahuja developed his business plan as work for a Cleveland state marketing class in the 1970s.

Most of the $10 million will go toward business scholarships, though some of the money will fund an endowed professorship in business.