The Kansas University Endowment Association and the department of economics have received a $10 million donation from a KU alumnus.

Charley W. Oswald, a 1951 graduate in economics, donated the gift. Oswald, who now lives in Custer, S.D., also donated $10 million in 2001.

Oswald's gift in 2001 was used to create two distinguished faculty positions, said Joe Sicilian, chairman of the department of economics. Oswald’s current gift will help create a third distinguished professorship, Sicilian said. Some of the donation will also be used to fund guest speakers and faculty and student travel fees.

Sicilian said Oswald believed strongly in the benefits on an undergraduate program in economics.

“It’s encouraging that his goals are the same as ours,” Sicilian said.