Yale University Summary of Financial History 1700 - 2000 Rector by jackl17

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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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