Word: millions
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Dates: during 1960-1969
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...begin, an often quoted figure is that the University's expenses have tripled in the last ten years. This is misleading because during their period government contracted and funded research rose eight-fold to 55.4 million dollars. This cost Harvard virtually nothing but it makes the budget look much bigger and distorts how much costs have really risen. Delete this amount and the real (non-governmental) expenses increased by 122 per cent, not 200 per cent (from 43.2 million dollars to 96.0 million dollars...
...funds participating in the general investments account (which means mostly the endowment funds) income from this account at a fixed rate of the book value of each fund. In 1966-67 this rate was 5.2 per cent and thus $34,000,000 was distributed, of which $30.5 million went to endowment funds and paid for 32 per cent of the University's expenses for the year. Meanwhile, $33.1 million was collected from student fees. Of course, the real rate of distribution was not nearly as high as 5.2 per cent...
...market value of general investments in June, 1966 was $974 million. So the usable rate of return established by the Corporation was actually more like 3.5 per cent. Yet this figure doesn't even approach the return the Treasurer is really receiving on his investments. According to both Treasurer Bennett and President Pusey, Harvard's investments net about 10 per cent a year computed on their market value. This figure includes both dividends and interest and value appreciation on the market...
...that the university can spend from its riches for the fiscal year 1967 is the $30-40 million it will realize in income...
...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...