STILLWATER, Oklahoma - A record setting donation to Oklahoma State University is about to mean big things for the school's renowned agriculture department.

The donation was announced Wednesday afternoon with University leaders and Governor Kevin Stitt.

OSU said the $50 million gift is among the largest academic gifts in the University's history.

It comes from Larry and Kayleen Ferguson and their family foundation, and it will go directly to the school's agriculture department.

The announcement comes as the university is kicking off its New Frontiers fundraising campaign for the agriculture department.

The school is looking to build a $100 million facility for the department, which will include new classrooms and labs.

The Ferguson's donation will be split between the frontiers campaign and an endowment.

The university also plans to rename the School of Agriculture to the Ferguson School of Agriculture.

The family has donated to the university in the past and said this gift is something they've wanted to do to give back after seeing what agriculture education can do to help people around the world.

"We want to be able to impact people throughout the world and help feed the world. I believe that Oklahoma State can be a center-point and can be a light in feeding the world," said Larry Ferguson.

The university said they're now about two thirds of the way to reaching their goal in this new campaign.