Established in 1793 with funds bequeathed by Colonel Ephraim Williams, the college is private, residential, and liberal arts, with graduate programs in the history of art and in development economics. The undergraduate enrollment is approximately 2,000 students. Williams College is committed to a need-blind admission policy by which it admits students without regard to their ability to pay, and commits to meeting 100 percent of each admitted student's demonstrated financial need for four years. There are three academic divisions at Williams College (humanities, sciences, social sciences), 24 departments, 33 majors, plus concentrations and special programs. The student:faculty ratio is 7:1. The academic year consists of two four-course semesters plus a one-course January term. Williams College is consistently ranked as one of the nation's top liberal arts colleges and its faculty noted for the quality of their undergraduate teaching. Virtually all faculty members engage in important research activities that complement their strong commitment to teaching and the achievement of academic goals includes active participation of students with faculty in research.