In 1718, Elihu Yale donated a carton of goods to the Collegiate School of Connecticut for their new construction in New Haven. The school sold the goods for £560, a substantial sum in those days, and in honour of Elihu's contribution, renamed the institution after him.
But where did Elihu make all his money? As it turns out, Yale spent 20 years in India between 1679 & 1699 as part of the East India Company. As a private trader he was able to amass immense wealth which allowed him to become the 2nd Governor of the erstwhile Madras Presidency in 1687.
Unfortunately he fell out with his superiors, got embroiled in all kinds of corruption scandals and was eventually booted out of the Governorship in 1692; yet somehow managed to hang around in Madras till the end of the century. Upon leaving India he returned to England where he grew up despite having been born in Boston, MA. Interestingly, after leaving America at the age of four, he never returned but thanks to his financial contribution in 1718, three years before his death his name continues to be echoed in the upper echelons of academic cricles. Thanks that is, to his Madras connection! ;)
( Elihu Yale's Epitaph )