The gift from Bill and Dorothy Cohen was announced Wednesday. Bill Cohen founded IMA Financial Group in Wichita.

The university said in a news release that $4.75 million of the gift will go to the honors college, which will be renamed the Dorothy and Bill Cohen Honors College. Another $250,000 will help create the Dorothy and Bill Cohen fund for University Libraries.

The university said $2.25 million will endow scholarships for honors college students to pay for study abroad, undergraduate research, internships and attendance at national conferences. Another $1.5 million will endow honors college faculty fellows, with $1 million will endow a leadership academy.