2006 - 2007: Yale University Finance Annual Financial Report

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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