In 1925, the school became the Richmond Division of the College of William and Mary because of $10,000 in support given to RPI each year. In the transition to becoming a public institution from 1925 to 1940, the school was one of the few "state-supported colleges" in the country operating almost entirely without state support. The lack of funding was due mainly to a popular belief that Virginia already had too many public universities and that leaders in Virginia believed the only proper location for a college or university was in a small town and not in an urban environment. With the support from The College of William and Mary, it acquired 827 West Franklin Street (now known as Founder's Hall). The building was purchased for $73,000 and $23,000 was needed for repairs. In 1928, the Richmond Division becomes the Richmond Professional Institute of The College of William and Mary.