Word: milking
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...endowment is like a herd of dairy cows, grazing just like Faith in Harvard Yard. Each day we milk the cows and sell the milk to help pay the bills of Harvard College...
...Sometimes the milk we sell brings in more money than our current bills. This allows us to buy more cows and, on the expectation that we’ll be able to sell more milk, increase our annual expenses by launching new programs, constructing new buildings, or hiring new faculty...
...other times, the milk we sell brings in less money than our current bills. To pay our bills, we have to sell some of our cows. But we must be very cautious how we thin the herd, because selling cows to fund current expenses means that we will have less milk to sell next year and less money to fund future expenses. If we don’t plan carefully, we will have to sell even more cows at the end of next year, or begin to cut our future expenses...
...this fictional world, the global financial crisis that affected Harvard and all of us last fall is a disease that killed off 27.3 percent of our herd. Looking to the future, we know the remaining cows will not produce enough milk to pay our bills...
...titles, “Signal Morning” will go down as 2009’s unlikeliest record. Its story begins in 2000 with the breakup of psych-pop revivalists The Olivia Tremor Control, who, throughout the 90s, had—along with The Apples in Stereo and Neutral Milk Hotel—served as a pillar of the Elephant Six Recording Co., a sprawling collective of indie rock bands based in Athens, Ga. With two of that decade’s finest albums—1996’s “Dusk at Cubist Castle?...