- 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.
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.