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A 1954 graduate of Yale University really loves his alma mater. Former Franklin Resources Inc chairman Charles Johnson donated $250 million to the university Sunday night.
According to the Associated Press, his donation marks the largest in the University's 312-year history. The money will go towards two new residential colleges – the university just needs to scrounge up $80 million more in funding.
Reuters reports that the project will allow for an increase of about 15 percent in the undergraduate population at the university, opening the school to about 6,000 students.
Yale currently has 12 residential colleges, which allow students to have the small college experience while still being a part of the larger university. The last residential college at the university was built in 1961.
"This is an extraordinary commitment from one of Yale's most loyal alumni," university President Peter Salovey said. "It builds on Charlie's long history of generosity to Yale. This latest gift, in support of the expansion of Yale College, is truly magnificent, and I am deeply grateful."
Construction will begin as soon as the necessary donations are complete. Johnson said of his donation, "I hope my commitment will inspire other alumni, parents, and friends to complete the funding for the construction of these colleges.”
In other Ivy league news, Harvard University also began a fund-raising goal in order to accrue $6.5 billion in donations for various projects.
Image courtesy of Wikimedia Commons