Word: billionã
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...must whittle down its expenses after the endowment lost $11 billion??30 percent of its value—this past year. The Harvard Corporation slashed its endowment distribution to FAS by 8 percent for the fiscal year ending July 2010, and is planning to cut another 12 percent the year after, University President Drew G. Faust said at an October Faculty meeting...
...early 2008, the University broke ground on the Allston Science Complex—a facility aimed at promoting interdisciplinary science, rumored to boast an eventual pricetag of $1 billion??but announced in February that it would slow construction and reconsider the pace and design of the project. In the meantime, the University has pushed forward on expansion and renovation projects at the Harvard Art Museum, Law School, and Arnold Arboretum...
After the University’s endowment lost $11 billion this past year—falling to $26 billion??Harvard’s endowment assets now outnumber its debt by a factor of four, compared to a factor of nine last year...
...decide which of 30 different shades of Crimson to put on our business cards, we’ve carried things too far.” Harvard’s endowment investments fell 27.3 percent in the fiscal year ending June 30, bringing its total value down to $26 billion??an $11 billion drop. Faust reminded audience members that payout from the endowment will decline by 8 percent in dollar value for at least this year and the next. Harvard’s other two income streams—tuition and fundraising—also shrank, with gift receipts...
...decline brought the total value of the endowment as of June 30 down to $26 billion??on par with 2005 levels—after reaching almost $37 billion in 2008. The negative investment returns, combined with donations received and money paid out for operations, pushed the endowment’s total value down by $11 billion, or almost 30 percent...