CHICAGO (AP) — The University of Chicago has received a $75 million donation for its school of social work, the school announced Wednesday.

University officials asserted the gift from investment magnates James and Paula Crown is the largest of its kind in American higher education to support social work. The money will be used to increase financial aid, support research, hire faculty and engage community stakeholders. A university spokeswoman said the gift will be paid over time.

READ MORE: 1 Killed, 4 Injured In Evanston Shooting

University President Robert Zimmer said the school, known as the School of Social Service Administration, will be renamed the Crown Family School of Social Work, Policy, and Practice.

James Crown is a university trustee and chaired the board for six years. He runs Henry Crown and Co., a private investment group.

READ MORE: At Least 40 People Wounded, 3 Killed In Thanksgiving Weekend Shootings In Chicago

“We are honored to make this investment in understanding and addressing profound societal challenges on both a local and global scale,” Crown said in a statement.

The university’s school of social work was founded more than 100 years ago. Its faculty conducts research on vulnerable members of society, including immigrants, the homeless and communities of color. It also analyzes inequities in education and child welfare.

(© Copyright 2021 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

MORE NEWS: Wolfpack Junior Football Team Needs Funds To Compete For National Championship In Florida

Also From CBS Chicago: