Word: funded
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Dates: during 1990-1999
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...living wage would not be a ridiculous proposition for an institution with an endowment of $13 billion, whose income totaled $1.52 billion in fiscal year 1997 and whose fundraising campaign last year yielded more than $1 billion. Last year Harvard paid a single Harvard employee (Jonathan Jacobson, the fund manager of the Harvard Management Company) $10 million. If Harvard really believes that the notion of "total compensation" will lift all boats, why don't we begin by paying Mr. Jacobson in benefits and time off rather than in cash...
...living wage would not be a ridiculous proposition for an institution with an endowment of $13 billion, whose income totaled $1.52 billion in fiscal year 1997 and whose fundraising campaign last year yielded more than $1 billion. Last year Harvard paid a single Harvard employee (Jonathan Jacobson, the fund manager of the Harvard Management Company) $10 million. If Harvard really believes that the notion of "total compensation" will lift all boats, why don't we begin by paying Mr. Jacobson in benefits and time off rather than in cash...
...first step of this method is to accumulate a fund made up of large, unrestricted gifts--by far the most difficult step...
...University then uses this "challenge fund" to bring in new gifts. Donors will have their donations "matched" with a gift from the fund with all the money given in their name...
...FUND FEES ADD UP No matter how much cash Americans plow into mutual funds--$5.5 trillion at last count--most still can't get a handle on what they're paying managers to run them. So last week the SEC introduced an interactive calculator www.sec.gov to show how those confounding fees--front-end loads (sales-charges), expense ratios--add up over time. Two $15 billion large-growth funds--one load, one no-load--can generate very different costs. Use the calculator to help find out if your fund managers are worth the price...