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Developing story: Indiana University's School of Music has revceived a gift of $40.6 million dollars from Barbara and David Jacobs Sr. of Cleveland, Ohio.

The school will be renamed the Jacobs School of Music in their honor at a press conference tomorrow (Thursday) at 10:30.

This announcement comes on the heels of the Yale School of Music receiving a $100 million dollar gift a few weeks ago.

Update: (17.11.05 0:30) It seems that the money is being given by Barbara Jacobs. Her husband, David, died in 1992. These are the same Jacobs of Jacobs Field and the Cleveland Indians. Barbara, an IU alum, was awarded an honorary degree in 2000. From the above press release:

Jacobs, who was co-owner of the Cleveland Indians until earlier this year, earned a bachelor of science degree from the College of Arts and Sciences at IU Bloomington in 1948. She has been known for many years, along with her late husband, David, as a civic and cultural leader in Cleveland and in Florida. Through her longstanding service to numerous organizations, she has supported the arts, education, hospitals, health associations, human services and churches in both areas.

The diversity of her commitments ranges from working as a hospital volunteer to serving on the boards of the American Cancer Society's Hope Lodge, the Fairview/Lutheran Foundation, the Cleveland Orchestra and the Cleveland Playhouse, among many others.

Jacobs has devoted an astonishing degree of energy to supporting IU. She has endowed faculty chairs, student financial aid, and research and development funds across the university. Among her many contributions are the David H. Jacobs Chair in Infectious Disease at the IU School of Medicine; the Barbara B. Jacobs Endowed Professorship Awards to recognize achievements in musicianship, scholarship and teaching; and the Barbara B. Jacobs Chair of Education and Technology at IU Bloomington.

She has served on the IU Foundation's board of directors since 1989 and is national co-chair for the IU Bloomington Endowment Campaign. For these and many other instances of volunteer service and support, she previously was honored with IU's Thomas Hart Benton Mural Medallion.

Update: (29.11.05 20:45) Barbara Jacobs died this morning in Cleveland.