SALISBURY — Catawba College has received a $5 million gift from Fred and Alice Stanback to support a variety of strategic initiatives.

“We are extremely grateful to Fred and Alice for making this monumental gift,” said College President David P. Nelson in a news release Thursday. “Their support allows us to accelerate several vital initiatives helping us continue to deliver quality, personalized, and formational education experiences to Catawba students.”

The gift will allow Catawba to accelerate several key staff and faculty hires this spring, support information technology infrastructure and security needs, enhance facilities for student and community use, and provide continued support for the improvements in employee compensation.

This is Catawba’s third multimillion dollar gift over the last 12 months.

“We are beyond grateful for this wonderful show of support and confidence in Catawba College,” said Meg Dees, Catawba College vice president for advancement. “Donor support of this magnitude will make a lasting impact on the lives of our students, faculty, and staff.”