Word: millions
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Dates: during 1960-1969
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...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...
Like the ugly men, the other nice things about this picture are also strange. In its slick color photography, advertising campaign, title and plot, Hot Millions gives the appearance of being yet another film of the glamorous grand robbery mode (Charade, How to Steal a Million, Gambit, et al). But, for all these superficial indications, this movie has little to do with beautiful people or even money. Not only that, but it's a suspense film with little suspense; a comedy with few big laughs; a love story with no flesh. And Hot Millions characters are the kind of people...
Ford's predictons show a $560,000 drop in income, from $35.4 million last year to $34.8 this year. Unlike the expense column, where the blame was spread over many small increases, the cause of the income drop is immediately obvious. While most items contribuing to income show modest increases, the "Overhead from Research Contracts" entry takes a $480,000 drop...
...grossly improbable that Harvard would decide to subsidize a money-losing Faculty from endowment funds. There is, however, part of the Faculty budget that does not immediately appear on the balance sheets. In addition to the $500,000 balance, the Faculty has salted away an additional $9 million or so in the University's investment funds. The reason is obvious: while the departmental balance money is not really too active, the money put in the University funds is busy increasing itself. Harvard's investment policies have always been shrewd, and four times in the last 12 years the investment funds...
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...