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Yale’s endowment earned an 11.5 percent return on investment in the fiscal year ending June 30, the university announced in September; during that period, it grew from $23.9 billion to $25.6 billion net of spending. The endowment will provide $1.2 billion in revenue in this academic year, 34 percent of Yale’s operating revenue.

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The architects who renovated Grand Central Terminal have been chosen to design the Schwarzman Center, a new university-wide student center that will incorporate Commons and Memorial Hall (above). Beyer Blinder Belle of New York specializes in the renovation and restoration of historic buildings. Funded by a $150 million gift from Stephen Schwarzman ’69, the center is scheduled to open in 2020.

The Law School is launching a center to study Islamic law. The Abdallah S. Kamel Center for the Study of Islamic Law and Civilization, named for the Saudi billionaire who gave $10 million to fund the project, will sponsor lectures, fellowships, visiting professorships, and eventually a tenured chair in Islamic law.

Yale College is one of 84 that have banded together to improve the college application process, especially for low-income students. The Coalition for Access, Affordability, and Success will provide a means for students to build online portfolios throughout high school; it will also allow some of the convenience of the Common Application while permitting colleges more individualized short-answer and essay questions.