Yale's charter was originally granted in 1701, though it did not receive the name "Yale College" until 1718, after Welsh merchant Elihu Yale donated funds. In 2011 the college educates about 11,560 students, 1,910 of whom are international. The university benefits from a $16.1 billion endowment, that helps to fund its $2.49-billion per-year operating budget, which includes salaries for the professors, according to the Yale University website.
As of the 2010 to 2011 school year, 605 professors at Yale receive $177,080 per year. The 146 associate professors received $103,791, 226 assistant professors $87,474 and 175 lecturers got $72,744. The 1,152 total faculty members averaged $134,363. These amounts include all faculty members except those in medicine. Deans and faculty on leave without salary are also excluded.
Summer Session Faculty Salaries
Though many professors do not teach during the summer session, those that do receive additions over and above their regular nine-month salaries. Those on a tenure track receive one-ninth of their academic year salary. Otherwise, professors make a maximum of $15,300 for the term, assistant professors get a minimum $7,550 and associate professors receive a minimum $7,750. Instructors make $7,200. Teaching assistants get from $1,760 as graders to $5,300 as second-level summer assistants.
Yale faculty receive benefits that amount to 21.2 percent for professors or 31.4 percent for lecturers. Insurance includes options for medical, health and life. Professors receive paid leaves and sabbaticals and a death benefit that pays salary up to and including the time of death for those who are active employees. A flexible benefits plan allows reduction of taxable compensation in exchange for non-taxable benefits such as medical care. Sons and daughters of faculty may also receive a partial scholarship grant, as long as they attend an accredited college or university, even if it is not Yale.
Faculty members may retire at age 62 if the years of service added to the age equals at least 75. Compensation comes from three sources: the Yale University Retirement Account Plan, which requires employee contributions; tax-deferred 403(b) savings plan; and a 457(b) deferred compensation plan. Other benefits include office space; parking and library privileges; university-provided computers for personal use; fellowships at residential colleges; free lunches at any residential college from Monday to Friday; and faculty privileges at the Payne Whitney Gymnasium.
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