Word: accountants
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Dates: during 1990-1999
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...committee's central concern is with the General Operating Account (GOA), a University bank of sorts where Harvard requires its nine schools deposit all their non-endowment assets--a total of $1.676 billion in fiscal...
...transactions between the University, its units and outside organizations are handled through the account. The central administration, in turn, invests the funds not needed for immediate use by the schools and uses the profits to cover about 47 percent of its budget, by far its largest income source...
...obvious concern is that a serious downturn in investment markets would have a detrimental effect on the current account of the University and would require alternative financial sources, very possibly from the Faculties," the report says...
...created in the 1970s, and at the time, the administration did not invest the money but got most of its funding through fees assessed on the Faculties based on their sizes. Harvard began investing the account in the 1980s...
David Gelernter is an amazing and gifted writer [BOOK EXCERPT, Sept. 22]. His very personal account of violence and recovery after surviving a Unabomber attack carries the reader along with him, inside his mind and heart, from moment to moment. Gelernter's courage is in his compelling honesty and intimate detail. Any of us who dare to even attempt to write must thank him for the gift of this account. BRUCE T. WILLIAMS Renton, Wash...