Yale University received a $250 million gift from 1954 graduate Charles B. Johnson, the largest gift in the school's history. “This is an extraordinary commitment from one of Yale’s most loyal alumni,” Yale President Peter Salovey said. “It builds on Charlie’s long history of generosity to Yale."
In a letter to students, staff and alumni, Salovey said the gift will help pay for an expansion of Yale's residential college system, which is expected to increase enrollment.
Johnson retired last year as chairman of the board of the parent company of Franklin Templeton Investments. His gift brings Yale within $80 million of funds needed to break ground on two new residential colleges, adding to Yale's 12 existing residential colleges for the first time since 1961.