CHARLOTTESVILLE, Va. (CBS19 NEWS) -- The University of Virginia Athletics Foundation says it has received the largest single commitment in its history.

According to a release, the UVA Department of Athletics has received a $40 million bequest from an anonymous former student-athlete who wanted to help future athletes at the university.

“This extraordinarily generous gift reflects a deep passion for the University and our athletics program,” said University of Virginia President James E. Ryan. “We are grateful to have philanthropic leaders among our former student-athletes, and we applaud their desire to make the UVA experience even better for future generations. This commitment will do just that, and strengthen the student-athlete experience for years to come.”

“This type of philanthropic giving helps to ensure UVA Athletics will remain a leader in college athletics and positively impact generations of student-athletes,” Director of Athletics Carla Williams said. “The commitment of this very special family is inspirational to everyone who loves the University of Virginia.”

The Virginia Athletics Foundation is currently running its part of the Honor the Future fundraiser, with a goal of raising $500 million for the athletics department. The overall Honor the Future campaign at UVA aims to raise $5 billion.

With this bequest, the athletic part of the campaign has raised $443 million.

“This former athlete and their family have supported our annual fund for many years and have made commitments to an endowed scholarship and facilities,” Virginia Athletics Foundation Executive Director Dirk Katstra said. “We are incredibly thankful for this estate commitment and the countless ways it will benefit future student-athletes and coaches.”

The release says the Virginia Athletics Foundation has also launched its annual fund effort with a goal of raising $20 million to support scholarships, academic affairs for the 750 student-athletes who attend UVA, and the operational budget.

Phase I of the Athletics Master Plan is completed, including the construction of two natural grass football fields.

Additionally, fundraising for the second phase is nearly complete and will be used for the Football Operations Center.

Phase III will be the construction of an Olympic Sports Complex.