Yale Posts $200M Surplus While New Haven Struggles With Deficit
Yale University has posted an operating surplus of more than $200 million — while its home, the city of New Haven, Connecticut, faces a deficit. The university contributes about $15 million to the city yearly.
New Haven Mayor Justin Elicker had called for Yale to contribute more to the city since before he took office last year.
“Yale University clearly has an incredible amount of wealth. It is the university’s ethical responsibility and it is also in the university’s self-interest to ensure that it supports the city that it calls home,” Elicker said.
Yale’s surplus comes as colleges and universities across the country face financial problems due to the COVID-19 pandemic.
The university said it lost revenue from tuition and room and board when students left campus in the spring — and the university was forced to cancel many programs and events.
Operating revenues, medical revenues and the university’s endowment increased, but by less than pre-pandemic levels.