Word: bondses
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But Harvard University still feels the need to borrow money. Almost one billion dollars, in fact, in the form of municipal bonds the University issues to bring in cash for its ongoing construction efforts.
The University issues the bonds "when the need arises," says Robert H. Scott, who is vice president for finance.
Harvard currently has 14 outstanding bonds issues with their total sum valued at $959.6 billion, according to Harvard's fiscal 1991-1992 report, the most recent available.
As befits the oldest and arguably most prestigious institution of higher education in the country, the Harvard bonds are possibly "the best on the market," says James Weiss of Quick and Reilly, a Boston investment firm.
In fact, the Harvard bonds are so highly rated that in Massachusetts, only a few issuers--MIT and the town of Wellesley, for instance--can match them for security.