Posted by: Louis Lavelle on December 20, 2010
Yale today announced that it has received a $50 million commitment to help fund construction of its new campus for the School of Management (Yale Full-Time MBA Profile). The gift, the largest in the business school’s history, came from Edward P. Evans, a member of the Yale College Class of 1964 and the former chief executive of publishing house Macmillan Inc. The new facility will be named Edward P. Evans Hall in honor of the gift.
In making the announcement, Yale President Richard C. Levin noted that it “ensured that construction can proceed without putting undue pressure on our budget.” In 2008, Levin announced that the project was being delayed—“until funding is secured or market conditions improve”—after Yale took a nearly $6 billion hit to its endowment.
The new 4.25-acre campus is now under construction on Whitney Avenue at the northern gateway to the Yale campus. It will include state-of-the-art classrooms, faculty offices, academic centers, and meeting spaces. It’s being built with “green construction” materials and practices to minimize environmental impact.
In January, another business school alum, Lei Zhang, pledged $8,888,888 for the new campus and international scholarships. An auditorium on the new campus will be named after Zhang, who chose the amount because eight is considered a lucky number in China. The donation sparked a backlash in China where he was criticized for not giving the money to a Chinese school.