Word: interests
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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...
Bennett used the word "busted" then to mean that Harvard would risk insolvency in the future if it spent any of its capital ganis (or even all of its dividends and interest...
...true that if the Treasurer started cutting into anything more than the dividends and interest from his investments, he would "get gusted"? Not in the legal sense, certainly. In the first place, according to an official in the Treasurer's own office, only about 40 per cent of the endowment is restricted to principal. The other 60 per cent could be spent in its entirety if the Corporation saw fit. Yet 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...
...University does provide help, it is not in the form of a gift but of an interest-bearing loan...
...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...