Despite the Ivy League not coming into existence as a whole until a 1954 agreement between the Presidents of the eight institutions, the term has been in existence since at least the early 1930s. The prestigious nature of the eight Ivy League schools and their location means they are some of the oldest in the U.S. and they remain privately operated institutions – with the exception of Cornell, which has departments that are publicly funded – and charge large fees for attendance. Seven of the eight Ivy League schools were formed in the 17th and 18th centuries prior to the American Revolutionary War; only Cornell was formed after the Revolution (1865). There are only two Colonial era universities that are not members of the Ivy League.