The gift will fund the construction of a building, which will be the center of this initiative. It will also enable the creation of six endowed chairs, six endowed professorships and six endowed faculty fellowships, as well as graduate and undergraduate scholarships, including scholarships for high-achieving Hoosier students, to support the initiative. The overall goal of the gift is to accelerate the progress of the school as one of the best of its kind in the world. In recognition of this extraordinarily generous gift and in recognition of Luddy's continued leadership and landmark support of the school's mission, IU trustees have approved naming the school in his honor; it will now be known as the Luddy School of Informatics, Computing and Engineering. The naming and gift were announced Thursday at a meeting of the school's Dean's Advisory Council, of which Luddy is a member.