WILLIAMSBURG, Va. (AP) _ The College of William and Mary has received a $50 million donation that will help fund scholarships, teaching awards and facility improvements.

The anonymous donation is the largest gift that the school has received in its 323-year history.

It comes as the public university in Williamsburg embarks on an ambitious effort to raise $1 billion by 2020. With the $50 million donation, the school is more than halfway to its goal with more than $532 million raised so far.

William and Mary’s business and law schools will each receive $22 million to support scholarships, among other things. The remaining $6 million will go toward athletic facility improvements at the school.

The school says it’s the smallest public university to ever launch a $1 billion fundraising campaign.