Since its founding in 1701, Yale University has had a
rich history of creating and disseminating knowledge
through the printed page. Indeed, the University’s early
history revolves around books, as a gift of books and
other goods from Elihu Yale led to the young college’s
naming, and the first event in its history was the creation
of a library. Tradition holds that ten ministers met in
Reverend Samuel Russel’s Branford home in 1701, each
bringing books for the founding of the college in the
New Haven Colony. Books from that collection remain
on campus, representing the oldest college library
collection in the country.
From its original collection, the University’s library
has grown to encompass 22 library facilities, almost
13 million printed volumes, and 82,000 linear feet of
manuscripts and archival holdings. Well more than
5 million searches are conducted in the library’s Orbis
online catalog each year.
This year’s financial report focuses on the subject of
books at Yale including its libraries, the University Press,
and new technologies, such as the creation of digital
images to preserve and share the University’s collections.
The University’s libraries, like so many of its programs
and buildings, rely upon the generous gifts of donors
and grant income, as well as strong financial stewardship.
I am pleased to report that the University has had another
successful year financially. The endowment generated a
28.0% return this year, creating an increase in net assets
of $4.6 billion; the Yale Investments Office has been able
to outperform its benchmarks and peer averages more
often than not during the past 20 years. While positive
investment performance has added to the size of the
endowment, the University has also become more reliant
on endowment income, which now represents 32% of
the operating budget. Overall, operating revenue
increased by 7.6% and operating expenses increased
by 7.4%, generating an increase in operating net assets
of $12.7 million for the year.
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