Yale plans to expand its number of residential colleges from 12 to 14, financing the additional two with a $250 million donation from alumnus Charles Johnson, the Yale Daily News reported.
The donation from Johnson, retired co-chair of the mutual fund Franklin Resources,is the largest in Yale's history. The yet-unnamed two colleges are part of Yale's plan to expand enrollment by roughly 15 percent. The project will require an additional $80 million before ground can be broken, Yale president Peter Salovey told the student body in an email.
Johnson's net worth is currently estimated at $5.7 billion, according to the YDN.
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