Philanthropist Mackenzie Scott donated $50 million to Cal State East Bay, and the community is thrilled and grateful for the opportunities this funding will bring.

The university is the first Bay Area school to receive a grant from Scott.

"Speechless and elated, and jumping for joy," Cal State East Bay President Cathy Sandeen told CBS News Bay Area.

"We're likely to put a majority of it into our permanent endowment that will be there into perpetuity and we will spend the earnings from that endowment on programs that support students. One example might be expanding our scholarship and grant program for brand new entering students. We have been giving limited number of $1,000 scholarships for students when they commit to Cal State East Bay and it would be wonderful to expand that," she ad

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