SOUTH KINGSTOWN, R.I. (AP) — The University of Rhode Island's College of Business has received one of the largest gifts in the institution's history, school officials announced Wednesday.

Former CEO and chairman of Hasbro Inc. Alfred J. Verrecchia made a donation of $15 million with his wife, Geraldine, to his alma mater to create a scholarship for students, a fund for students seeking competitive internships, a faculty chair and professorship, and an emerging technology fund.

The gift will offer support to students who have secured internships but do not have the financial backing to pursue them. The faculty position will focus on artificial intelligence and business analytics. The technology fund is intended to provide the tools students will need to prepare them for their careers.

“The gift from the Verrecchias is an exceptionally visionary investment,” President David Dooley said in a statement. “It will expand the college’s faculty in vitally important academic areas and invite the most talented students from across the country and the world to (the university).”

The university also announced it will establish the Alfred J. Verrecchia Center for Business Excellence as a center for teaching, learning and research.