Yale University has announced a $250 million gift from a 1954 graduate, saying it's the largest in school history and will help pay for the first expansion of its residential college system in decades.
Yale President Peter Salovey on Monday announced the gift commitment from Charles B. Johnson, who retired last year as chairman of the board of Franklin Resources.
Salovey says the gift brings Yale within $80 million of the funds needed to break ground on two new residential colleges.
Yale, which has 12 existing residential colleges, last built new residential colleges 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.
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