Yale University has announced a $250 million gift from alumnus and former Franklin Resources chair Charles B. Johnson ('54) in support of an expansion of its undergraduate residential college system.
The largest gift in the university's history will support construction of two new residential colleges on the Yale campus, enabling the university to increase its undergraduate enrollment by 15 percent. To be designed by Yale School of Architecture dean Robert A. M. Stern, the new colleges will incorporate spaces and traditions associated with Yale's twelve existing undergraduate colleges the last of which were built in 1961. Construction of the colleges will be funded entirely through donor support and will begin as soon as the final $80 million needed to break ground is secured.
Johnson, who retired in 2012 as board chair of Franklin Resources, a global investment firm that, together with its subsidiaries, is referred to as Franklin Templeton Investments, previously has made gifts to the university to establish the Johnson Center for the Study of American Diplomacy and in support of the Papers of Benjamin Franklin project, the Brady-Johnson Program in Grand Strategy, renovations to the Yale Bowl, and the creation of Yale's first all-season outdoor athletics field.
"Yale is unsurpassed in the quality of its undergraduate education, and I strongly support Rick Levin's and Peter Salovey's shared goal to make that extraordinary experience available to more students than ever before," said Johnson. "I hope my commitment will inspire other alumni, parents, and friends to complete the funding for the construction of these colleges."