ANN ARBOR, Mich. (CBS DETROIT/ AP) — The University of Michigan announced Tuesday a $5 million donation to the university will aim to create educational and professional opportunities for disadvantaged Detroit-area youth and young adults.

Half of the gift from Joan and Sanford Weill’s Family Foundation will create the Youth Fund and is intended to support collaborations with NAF, a national nonprofit group with 20 career-themed academies in Detroit.

READ MORE: Michigan Lottery Results For Tuesday, March 2, 2021

The other half will be used to create a scholarship fund that will provide tuition support and stipends for graduate students at the university’s Gerald R. Ford School of Public Policy. The aid goes to students from economically disadvantaged backgrounds committed to advancing diversity in public policy.

READ MORE: Former MDHHS Director, Robert Gordon To Receive $155,000 Payout After Resignation

The University of Michigan says the Weill’s have made roughly $1 billion in charitable gifts to educational, medical, cultural and arts institutions.

MORE NEWS: Blue Cross of Michigan CEO Earned $11.5M in 2020

© 2019 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this story.