"I want to make sure that this is someone who is a patriotic American but is also sensitive to the fact that there are minorities, single mothers and children," he said.
Black said he gave the endowment to the KSG because he has had positive experiences there since he graduated from the Business School. He lives in Brookline and frequents lectures and discussions at the KSG.
Black has also endowed a chair at Johns Hopkins University, where he received his undergraduate degree.
"It's very simple," Black said. "If the university is good to you and you have the financial means, then I believe you should give back to the university."
Black has donated to many charities and is involved with the Democratic Party.
The gift was announced at a small dinner in Black's honor, to which only close friends and family and several faculty members were invited.
Nye, Dillon Professor of Government Graham T. Allison '62 and Julie B. Wilson, associate academic dean and secretary of the KSG, all spoke at the ceremony.