Word: funding
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Dates: during 1960-1969
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...income Mr. Bennett is referring to dividends and interest which that year amounted to a little more than predicted--$42.5 million. Yet not even all of this was spent. Two and one-half million was transferred to the principal of the endowment funds and another six million stayed in a fund entitled "Investment income reserved for future distribution," which is Harvard's way of saying that the money was just reinvested. That reserve fund, in fact, is an excellent example of income disuse; it has grown 2,590 per cent since the end of the Second World War (or more...
...even for that part whose income, by the terms of the bequest, is all that can be used, the principal is legally defined as only the original amount of the gift and certainly not the market value of the stocks bought with it. Thus, even a fund restricted to principal could be delivering spendable income at the rate of 10 per cent a year, if the Corporation wanted to spend...
...income from the endowment, but each department follows suit by cautiously not spending all of the income allotted to it. The Faculty as Arts and Sciences, for example -- although the hardest hit by the financial squeeze from the top -- has still managed to save a little. It has a fund for unexpended income amounting now to $3.2 million. And during the last ten years it has only had two in the red; the rest delivered a quite comfortable margin...
...fact, however, there are substantial unrestricted funds around. In 1967, for example, nearly one-third of the $38-million given to the University was totally without qualification. And the best estimate from University figures indicates that over one-fifth of the total endowment or about $200 million is unrestricted funds. So the University has a pretty big tub in its own right, which could, it would appear, be used to fund faculties in financial trouble (without charging interest...
...determining such a figure as the cost to educate the average student. Harvard has many sources of income of which tuition is one small one. Students may already pay more than "it costs to educate them." That is, already one should visualize the tuition as going into a general fund used to support what the Corporation calls the "University." That complex may then exist and thus give one the opportunity to benefit from the use of a few of its myriad functions and facilities. What share a student should pay to perpetuate the entire community is a somewhat arbitrary decision...