Word: funds
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Dates: during 1960-1969
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Miss Urda I. Traenkle, a 24-year-old technician killed last January by an explosion at Harvard's Thorndike Lab in Boston City Hospital, has been commemorated by a scholarship fund in the Faculty of Medicine...
Also out of Bretton Woods came the Washington-based International Monetary Fund, the arbiter of exchange rates. Written into the IMF articles of agreement, and binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...
Administrators say they have little control over how our $1 billion endowent is spent. They claim that most of the funds are "tied"--the term applied to a money gift when it stipulates a specific expenditure. Actually, Harvard's University Fund, which holds all the untied money, compises almost one-third of the total endowment. Last year, more than $25 million of the total $130 million which Harvard received in gifts was untied. So administrators have ample funds to use at their own discretion...
...Faculty miraculously manages to keep its deficit below $500,000 this year, it will be in no trouble. The Faculty has built a reserve fund from past surpluses, and this "departmental balance" of $500,000 is expressly intended to ease year-to-year shortages. If the deficit exceeds the relatively meager limits of the departmental balance, however, Dean Ford will probably ask the Corporation treasurer for a loan. Presumably, if the deficits continued, the Faculty would have to decide either to trim its costs or raise its tuition...
Ford is reluctant to say that this year's loss is the beginning of an unchangeable pattern; and he says clearly that the $9 million fund would be the first source to tap if the Faculty hits a big deficit. But he also points out that faculties and universities "are notoriously reluctant" to dip into these endowment funds, and the implication seems clear. If the deficits keep coming, the cost of being a Harvard man may rise more dramatically than it has before...