Dive Brief:
- Yale on Monday announced a $250 million gift from retired Franklin Resources chairman Charles B. Johnson, who graduated from the Ivy League school in 1954.
- The gift is the largest in the university's history and brings it within $80 million of funding its two new residential colleges, a $500 million project.
- The residential colleges would be the school's largest expansion since 1969, allowing a 15% annual uptick in admissions.
Dive Insight:
Yale's last expansion on this scale was when it began admitting women in 1969. The Ivy League university designed its residential college system over 70 years ago to provide a small college experience at a large university, and the two new additions—the first since 1961—will bring its total residential college count to 14.