NORTH DARTMOUTH, Mass. (WJW) – University of Massachusetts Dartmouth graduates walked away from commencement with more than just their diplomas — they also received some unexpected cash in their pockets and an important lesson.

During the graduation ceremony this week, commencement speaker Robert Hale, Jr., who is the founder and CEO of Granite Telecommunications, announced that every graduate would be handed $1,000 in envelopes.

“Each of you is getting $1,000 in cash right now,” Hale said. The crowd, wearing ponchos and carrying umbrellas due to the rain, broke into cheers. You can watch their reaction here.

But, there’s a special catch.

Graduates could keep $500 as a gift, while the other $500 has to benefit someone else in need or a charity or cause of their choice.

“These trying times have heightened the need for sharing, caring and giving. Our community needs you and your generosity more than ever,” said Hale. “The greatest joys in life that we have experienced have come from giving. We want to share that gift of giving with you today.”

Hale, who according to Forbes has a net worth of $5.4 billion, received UMass Dartmouth Chancellor’s Medal for the philanthropy work that he and his wife Karen have done over the years.

According to the university, the envelopes were handed out to roughly 1,200 Class of 2024 students.

Watch the full graduation ceremony here.