In October 2020, the university received the largest single gift to any university, public or private, in the state of Missouri. The $300 million gift from June and Fred Kummer established a new foundation to establish the Kummer Institute for Student Success, Research and Economic Development. The gift also will establish a new college of innovation and entrepreneurship at Missouri S&T, develop new areas for research, provide scholarships and fellowships for students, and bolster the Rolla region's economy.[36]