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. Robins' goal was to make Richmond one of the best private universities in the country. In partnership with the university's president E. Bruce Heilman and development director H. Gerald Quigg the $10 million matching grant component of the gift raised over an additional $60 million, making the university's total endowment at the time one of the highest in the country.