Rocky Mountain College will receive an endowment of nearly $1.6 million from the Haynes Foundation.
The money will be used for scholarships to undergraduate students at the Billings college who graduated from Montana high schools.
The charitable foundation was founded in 1958 by Jack Ellis Haynes and Isabel Mary Haynes. Its goal is to provide scholarships to deserving Montana students.
The couple owned the Haynes Picture Shop in Yellowstone National Park.
The foundation has provided scholarships to RMC students for the past 20 years.
"On behalf of Rocky Mountain College, I want to thank the Haynes Foundation for supplying the resources that we need to make a difference in the lives of so many," RMC President Bob Wilmouth said Thursday in a news release. "We will always be grateful and promise to be faithful stewards of this exceptional gift."