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Ventura County university gets huge gift

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Cal State Channel Islands has received a $10 million plus gift from a Ventura County foundation.

$10.5 million donation goes to Cal State Channel Islands business school.

A South Coast university has received a huge gift.

Cal State Channel Islands reports that it’s received a $10.5 million donation.

The money comes from the Martin V. Smith and Martha K. Smith Foundation. Martin Smith was a well-known real estate developer in the region, and he and his wife created the foundation to support community organizations.

The money will go to Cal State Channel Islands' School of Business and Economics, which is named after the couple.

About $3.5 million dollars will go to finish the renovation of the department’s offices, and the remaining $7 million will be used for an endowment.