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Yale University
Summary of Financial History, 1700 - 2000
Rector/President Treasurer Year
PIERSON 1700
"In the year of our Lord One Thousand & Seven hundred, the Library and
Nathaniel Lynde 1701
Collegiate School of Connecticutt were founded in the Rev. Samuel Russel's
Richard Rosewell 1702
John Alling 1703
House at Branford by the Donation of about fourty Folio Volumes of Books by
1704 the Trustees themselves."
1705
1706
1707 General Assembly of the Colony of Connecticut grants "the full and just sum of one hundred and twenty
ANDREW (pro tempore) 1708 pounds in Country Pay to be paid Annually …." ('country pay' is payment made in commodities, which
1709 were overvalued by 50% for tax purposes. Hence this is the equivalent of £80 in currency.) The grant
1710
1711 was extended through 1755.
1712
1713 Collegiate School moves to New Haven after subscriptions there raise funds for
1714 constructing a building. Assembly also pledges £500 for building.
1715
1716
John Prout 1717 Governor Elihu Yale gives gift of books, together with several bales of goods. A
1718 subsequent shipment in 1721 increases his total gift.
1719
CUTLER 1720
1721
1722 First 'President's House' built (Timothy Cutler, Rector).
1723
1724
Funded in part from imposts on rum.
1725
1726
WILLIAMS 1727
1728
1729
1730
1731
1732
1733
1734 State compensates Windham for loss of Rev. Thomas Clap to rectorship of
1735 Yale.
1736
1737
1738
1739 Rev. Clap's title changed from 'Rector' to 'President'.
CLAP 1740
1741
1742 Yale's first broad state tax exemption: "That all ye Lands and Ratable Estate belonging to ye
1743
1744 Sd College … and the Persons Families and Estates of ye President and Professors … and ye
1745 Persons of ye Tutors Students & Such and So many of ye Servants of Sd College as give
1746
1747
their Constant attendance on ye Business of it shall be freed and Exempted from all Rates
1748 Taxes Military Service Working at High Ways and other such like Duties and Services."
1749
1750
1751 Connecticut Hall (currently oldest building in New Haven) constructed.
1752
1753 Sources of funds include proceeds from a captured French frigate, funds
1754 from the first State college lottery, Colony appropriations, and a grant
1755
1756
from the 'Military Commissioners.'
1757
1758 October 1778 steward's verbatim record of provisions
1759 To 227 lbs of pork at 2s To 2 lbs of Tea
1760 To fetch pork from Chester To 68 1/4 lbs of (Chias?) @2/6
1761 To 1 1/2 bushels of Salt To 1 1/2 bushels Salt
1762 To 206 lbs of pork @ 8.10.0 to 1 1/2 bushels Potaters
1763 To one Load of wood to 10 lb Chocolat @ 13/
1764 To one dito to 3 brooms
Roger Sherman 1765 To 1 dito of ash to 3 lb hogs Land to 6 lbs Butter
1766 To 30 lbs of coffee @ 10/ to 1 lb Pepper to Expenses out Pocket find
DAGGETT (pro tempore) 1767 To 208 lbs. of flower @5.10 to 1 Doz Eggs horshire to Woodbury
1768 To 1 load of wood of wood to 117 lbs Veal @1/6
1769 To 1 Dito to 2 Earlham Pols (?)
1770 To 1 Dito to Cash paid to Gris___? to fetch a fat Ox
1771 To go to mill after malt to my hors to Bethany after Do
1772 To 6 lbs of Candels @6/ to 1 peck white Beans
1773 To 596 lbs of flower @ 6.5.0 to 1 bushel Turnips
Yale University Office of Institutional Research (9/19/00)
Table M-15 (1 of 5)
Yale University
Summary of Financial History, 1700 - 2000
Rector/President Treasurer Year
1775
"The enemy, breaking up College and obliging the
John Trumbull 1776
1777 students to go home, [it is] ordered that one third part
STILES 1778 of the dues from them be abated…"
1779
Yale accepts payment in food: The President and Fellows order "that price of Commons be at
1780
1781 the rate of forty for one in continental currency..., and an equivalent for the same as stated in
James Hillhouse 1782 wheat, indian corn, Beef & Pork... And whereas in the present state of the currency the Steward
1783 finds it extremely difficult to obtain provisions for the students ... he has agreed to take wheat at
1784 the advanced price of five shillings per Bushel, Indian Corn at two shillings & six pence per
1785 bushel; Beef according to its quality and the time, grass-fed corn (?)-Beef being stated at twenty
1786
1787 shillings per hundred weight, and Pork at twenty five shillings per hundred weight."
1788
1789
1790
1791
1792 University converts accounting system from colonial pounds to 'continentals,' or United
1793 States dollars.
1794
T. DWIGHT 1795
1796
1797 Yale continues to plead for open access: [It is] "altogether chimerical to imagine, that a College, not
1798 endorsed with ample friends in its own right, can flourish without the constant assistance and patronage
1799
1800
of their State. If the students of any College were to be taxed in a sum sufficient to erect and keep in
1801 repair suitable buildings, provide and replenish a Library and phylosophical Apparatus, and support the
1802 necessary officers of College, it would so enhance the expence of education, as either to drive away the
1803
students to other Colleges; or confine the advantages of a liberal education wholly to the children of the
1804
1805 opulent. Whereas the expence of education ought, if possible, to be made so easy and cheap, that
1806 persons in mediocrity, and indeed in every situation, may participate in this inestimable privilege."
1807
1808
1809
1810 Yale suffers significant losses from failure of Eagle Bank.
1811
1812
1813 "Owing to the loss sustained by the failure of the Eagle Bank, and to the fact that the funds have been to
1814
1815
some extent expended upon the buildings, apparatus, cabinet of materials, and in other necessary ways,
1816 the entire annual income of the College, independent of the term bills, but little exceeds $2,000 – a sum
1817 scarcely sufficient to defray the expenses of the ordinary repairs. Not a professorship in the college is
DAY 1818 endowed. The fluctuating and inadequate income from the students, is , therefore, the only resource for
1819
the support of all the officers, both permanent and temporary; and for defraying many other necessary
1820
1821 charges. In respect to the mode and means of support, the case of Yale College is peculiar. It is
1822 questionable whether there is in the land another College whose officers are, or can be, supported solely
1823 by the tuition fees of the students. And the reasons of this fact are, that people in moderate
1824
1825 circumstances are unable to pay the whole cost of a liberal education; and that Colleges in this country,
1826 being purely republican institutions, designed for the benefit of the whole community, are constituted
1827 with reference to the circumstances of the community. To raise and sustain a College, therefore, of an
1828
1829
elevated character, it is not enough simply to create the establishment; something must also be done in
1830 one form or another, to defray a part of the expense of instruction."
1831
1832
Wyllis Warner 1833
1834
1835 Centum Milia Fund (first great endowment drive)
1836 "It now remains for the friends of learning and of Yale College, to whom this cause shall yet be
1837
1838 presented, to decide, whether this enterprise so auspiciously begun, shall be successful or prove
1839 abortive. In deciding this point, they may also decide, whether Yale College, which has already
1840 furnished the world with five thousand educated men, shall furnish five hundred thousand more –
1841
1842
whether Yale College, after diffusing her rays so widely for more than a century, is destined still to rise
1843 with the rising greatness of our nation, or whether, having already attained the zenith of her strength,
1844 she shall be doomed, descending, to withdraw her light, till her place shall be found among the stars of
1845
1846
an inferior magnitude."
WOOLSEY 1847
1st printed financial statement (1830).
1848
1849
1850
Yale University Office of Institutional Research (9/19/00)
Table M-15 (2 of 5)
Yale University
Summary of Financial History, 1700 - 2000
Rector/President Treasurer Year
1851
Edward Claudius Houk 1852 Tuition at $33/year, unchanged since at least 1833.
1853
1854 Tuition jumps 18% to $39/year.
1855
1856
1857
1858
1859
1860
1861
Henry Coit Kingsley 1862
Civil War. Yale makes contributions to Northern effort.
1863
1864
1865
1866
1867 Endowment exceeds $1 million for first time.
1868
1869
PORTER 1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882 "The Report of the Treasurer of Yale College for the year 1883-84, tells again the old story,
1883 so familiar to those acquainted with the affairs of the University, of prudent, wise,
1884
1885
successful management of property, and of slow, unsatisfactory growth of endowments. ...
T. DWIGHT II 1886
The endowment of the Library is ludicrously small..."
1887
William Farnam 1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
HADLEY 1898
Morris Tyler 1899
1900
1901
1902
1903
Lee McClung 1904
1905
1906
1907
1908
University operating expenditures exceed $1 million for first time.
Arthur T. Hadley 1909
George Parmly Day 1910
1911
1912
1913
1914 Alumni contribute generously to compensate for revenues lost during
1915 the World War I.
1916
1917
1918
Yale University Office of Institutional Research (9/19/00)
Table M-15 (3 of 5)
Yale University
Summary of Financial History, 1700 - 2000
Rector/President Treasurer Year
1919
ANGELL 1920
1921
1922
1923 Great period of campus growth. Extraordinary gifts from Sterling ($40 million), Harkness ($24
1924 million), and Whitney ($10 million). These total $790 million in 1999 dollars.
1925
1926
1927
1928
1929
1930 Capital spending reaches peak at more than $1.1 million/month in 1931 dollars ($12.3 million
1931
1932 calculated in 1999 dollars), although it will be exceeded by annual spending in the 1990's (in constant
1933 dollars).
1934
1935
1936
1937
SEYMOUR 1938
1939
1940
1941 Yale service and maintenance workers unionize.
Lawrence G. Tighe 1942
1943
1944
1945
1946
1947 Transformation of University into a great research facility begins.
1948
1949
GRISWOLD 1950 Financial reporting of pennies terminated.
1951
1952
1953
Charles Stafford Gage 1954
1955
1956 Yale recognizes the capital/operating relationship:
1957
"Moreover, there is now included, to be met from Operating Income, the substantial
1958
1959 outlay required each year for building improvements and alterations which, though
1960 capital in nature, are of a character which under realistic appraisal of the situation
1961
should be met by Operating Income rather than from capital funds. Prominent among
BREWSTER 1962
these costs are the recurring costs of altering spaces to meet the rapidly changing
1963
1964 requirements of Yale's expanded programs in science."
1965
John E. Ecklund 1966
1967
1968
1969 annual operating expenditures exceed $100 million.
1970
1971
1972
1973
1974 Yale Endowment drops 45%.
1975
1976
GRAY (acting) 1977 Yale Corporation freezes spending in an attempt to return to a balanced program.
GIAMATTI 1978
Jerald L. Stevens 1979
1980
1981
1982
John W. Buckman 1983
1984 Clerical and Technical Workers unionize.
1985
1986
SCHMIDT 1987
Michael Finnerty 1988
1989
1990
1991
Yale University Office of Institutional Research (9/19/00)
Table M-15 (4 of 5)
Yale University
Summary of Financial History, 1700 - 2000
Rector/President Treasurer Year
LAMAR 1992
William Nordhaus (acting)
LEVIN 1993
Joseph Mullinx
1994
1995
1996 Annual operating expenditures exceed $1 billion.
1997
1998
1999
2000
Source:
Yale University Capital Management, Finance and Administration
Yale University Office of Institutional Research (9/19/00)
Table M-15 (5 of 5)
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