Word: endowmentã
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Harvard’s endowment swelled to $25.9 billion last fiscal year on investment returns of 19.2 percent, the University announced today. But with the endowment??€™s chief set to depart at the close of trading this afternoon, the University still had no permanent replacement and said a member of Harvard Management Company’s board of directors would oversee the firm...
...income will be the endowment itself. In 2001, Harvard’s central administration instituted an annual one-half of 1 percent tax on the endowment to help fund the expansion; the 25-year tax is expected to yield at least $3 billion. But Berman said that decapitalizing the endowment??€”removing capital from the University’s long-term holdings—is not currently being discussed as a funding source for Allston development...
...Meyer’s departing associates, David R. Mittelman and Maurice Samuels, have consistently led the management company’s copious and oft-criticized payrolls. The pair of bond managers, whose stellar returns have served as the backbone of the endowment??€™s recent surge, pulled in $25.4 million and $25.3 million, respectively, last fiscal year...
Still, as the endowment??€™s value has ballooned over the past decade—outpacing other sources of revenue, including tuition and federal research grants—the increasing reliance on payout has been seemingly inevitable. And with major capital projects on the horizon, the trend has little chance of abating...
Summers said that after those large payouts, which coincided with weaker investment performance at the beginning of the decade, the endowment??€”adjusted for inflation—is only now returning to its previous levels...