Word: nonprofitability
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After fifteen years at the helm of the Harvard Management Company (HMC), Meyer is bequeathing his successor an endowment that makes Harvard the second wealthiest nonprofit in the world, with a net worth larger than some countries...
...It’s difficult to say which [structure] is more successful,” says John Griswold, executive director of the Commonfund Institute, the research arm of a group that manages money for over 1,400 nonprofit organizations...
Harvard Magazine is published by a nonprofit group that “is under its bylaws editorially independent” from the University, although it receives some financial support from Summers’ office, according to Rosenberg...
...experience over the years has been that the nonprofit world occasionally takes on things from the for-profit world, and sometimes takes on very bad things,” he says. “I think there is a certain cult of personality in the cultural field that is not unlike some of the more visible CEOs of the corporate world. And I think that’s wrong. I think the best of the cultural leaders, the people who place their institutions before themselves, they’re not self-aggrandizing...
...says that he enjoys his work immensely. “The psychic rewards—traditionally the main reason for doing nonprofit work—have been enormous,” he wrote in his 50th reunion report...