Word: escrowed
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Even as the fast was in progress, another group of undergraduates began a more direct approach. The students created an alternative fund to the Senior Class Gift, called the "Endowment for Divestiture," that locks senior donations into an escrow account. The funds will be turned over to Harvard if and when it divests from firms doing business in South Africa, or when the United Nations "clears" the South African government by lifting its 1976 call for corporate withdrawal from that country. If neither occurs within 20 years, the money will be given to charitable organizations in the Harvard community...
...money will be held in escrow until Harvard divests from companies that operate in South Africa. It divestiture does not take place within 20 years, the money will go to a Harvard related charity. Endowment organizers said yesterday that Bok made the statement because he has been surprised by the degree of senior and alumni interest in the fund. The announcement comes only a month after he released a comprehensive open letter on the University's reasons for opposing divestiture that did not mention the endowment...
...matters of ethics versus dollars--and this year, the divestiture question showcased a new and constructive way for students to break the deadlock. The Endowment for Divestiture, an imaginative alternative to the Senior Class Gift Fund, has spent the last few months soliciting donations to be held in escrow for 20 years. The money will go to Harvard if and when Harvard divests of stock in companies doing business in South Africa or the United Nations "clears" that nation by rescinding its sanctions against the apartheid regime. If time runs out, the money will be donated to a natural charity...
Indeed, a similar objection was initially raised against the escrow fund Endowment for Divesture, but financial aid officials themselves quickly denied that the alternative fund would diminish scholarship offers...
Harvard's investments in companies doing business in South Africa has generated controversy for several years, but it resurfaced dramatically on campus this semester as students staged hunger strikes and rallies, and created a special escrow fund linked to the University's divestment as an alternative to the senior class gift...