Michigan State University has received quite the gift from one of its most distinguished alumni.

WLNS.com reports that Quicken Loans CEO and Cleveland Cavaliers Owner Dan Gilbert has pledged a $15 million donation to the university. The donation will fund both academic and athletic projects.

A portion of the donation will help fund the ongoing renovations at the Breslin Center. Academic beneficiaries include MSU's Detroit Scholars Program and the Resource Center for Persons with Disabilities.

The latest donation is a large portion of the more than $1 billion raised through MSU's Empower Extraordinary campaign that began in 2011.