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What is the difference between an annual gift to Yale and a capital gift?

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What is the difference between an annual gift to Yale and a capital gift?

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Annual gifts are current-use gifts made to the Alumni Fund. All other gifts are considered capital gifts. Capital gifts may be restricted and designated to a specific purpose. These gifts match donors’ interests with the University’s needs in exciting ways. Some examples of capital gifts include gifts to: endowed scholarships; curriculum review initiatives; the new residential colleges; international programs; and athletic teams and facilities. Gifts of a certain size also offer donors special recognition opportunities. Both annual and capital gifts count toward the reunion gift total.

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