NEW HAVEN, Conn. (September 30, 2013)--Yale University announced a $250 million gift Monday from a 1954 graduate, which it said was the largest in school history.
The donation will help pay for an expansion of its residential college system, which will increase enrollment, the university said.
Yale President Peter Salovey announced the gift commitment Monday from Charles B. Johnson who retired last year as chairman of the board of the parent company of Franklin Templeton Investments.
Salovey said the gift brings Yale within $80 million of the amount it needs to break ground on two new residential colleges.
Yale has 12 existing residential colleges the last of which were built in 1961.
The construction of two more will enable the Ivy League university to accept a larger percentage of highly qualified applicants to its undergraduate program.