NEW HAVEN (WKOW) -- A big contribution for one of America's most well known Universities. A member of Yale University's Class of 1964 has given a $50 million gift to the Ivy League school.
The purpose of the money is to help construction of a new building at the School of Management.
The gift from Edward P. Evans, the former chairman and CEO of the Macmillan publishing house, will fund a portion of the estimated $189 million construction costs. The building will be named after Evans.
University officials say it's the largest gift ever to the School of Management.
Yale President Richard Levin says the large losses in the university's endowment during the recession has prompted the school to secure funding before new projects start.
Officials say the new building is expected to open in 2013 and allow the graduate school to add 200 more students.