Yale receives $250 mln donation, largest in its 312-year history

Reuters

BOSTON, Sept 30 (Reuters) - An alumnus of Yale University,who in June retired from a large U.S. money manager, has giventhe elite university $250 million, the largest donation in theschool's 312-year history.

Yale said the donation from former Franklin Resources Inc chairman Charles Johnson leaves it just $80 millionshort of the funding it will need to begin work on two newresidential colleges, where its undergraduate students live andeat.

Adding those two new buildings would allow Yale to boost itsundergraduate population by about 15 percent to more than 6,000students, the New Haven, Connecticut-based school said in astatement.

"This is an extraordinary commitment from one of Yale's mostloyal alumni," said university President Peter Salovey said. "Itbuilds on Charlie's long history of generosity to Yale."

Johnson, a 1954 Yale graduate, retired from the assetmanager that as of the end of August oversaw some $817.3 billionin investments.

The news of the donation, which Yale disclosed late Sunday,comes as its rival Harvard University, of Cambridge,Massachusetts, launched a fundraising drive that aims to bringin $6.5 billion in donations to fund new initiatives.

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