SMU to create new graduate school after $100 million donation

Southern Methodist University will create a new graduate school thanks to the largest gift the university has ever received.

The landmark commitment comes from the Moody Foundation in the form of a $100 million donation.

The money will fund the Moody School of Graduate and Advanced Studies -- the university's eighth degree-granting school.

The donation will go toward faculty salaries, student financial support, recruitment of scholars and more. It will also help with the construction of a new building to house the school on the SMU campus.

The Moody school will be operational by next school year.