The Wharton School of the University of Pennsylvania has received a $40 million gift from alumnus Jon M. Huntsman. The gift is the largest single donation ever made to a business school.

The gift continues a record-breaking fundraising year at the Wharton School. In the last 12 months, the school has received more than $100 million.

Huntsman is the founder, chairman and chief executive officer of Huntsman Corporation, the largest privately-held chemical company in the U.S.

The gift brings the total contributions of Huntsman and his family to the Wharton School to more than $50 million. Huntsman earned an undergraduate degree from the Wharton School in 1959. In 1995, he donated $100 million to establish the Huntsman Cancer Institute at the University of Utah.