In 1949, the E. Claiborne Robins School of Business opened, followed by the School of Continuing Studies in 1962. In 1969, when financial issues threatened closing the university or turning it over to the Commonwealth of Virginia, E. Claiborne Robins Sr., a trustee and alumnus, donated $50 million to the university, the largest gift made to an institution of higher education at the time. In constant dollars, it remains among the largest.