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...other intellectual inquiry,” she said.Faust acknowledged that the Task Force report “has not appeared at the most propitious of times,” given the effects of a current financial downturn that has constricted University coffers. Harvard’s endowment fell 22 percent??or roughly $8 billion—in the four months prior to Nov. 1, and is projected to fall 30 percent by the end of the fiscal year on June 30.While the Task Force’s report will need to be subject to some financial concessions, Faust...
...heightened scrutiny in recent months as University officials prepare for a projected 30 percent decline in the endowment for the year ending June 30. Harvard’s endowment, valued at almost $37 billion last June, was reported to have lost over $8 billion—or roughly 22 percent??by the end of October. But other market indices posted even worse returns, with the S&P 500 falling 24.6 percent in the same period. HMC chief executive Jane L. Mendillo wrote in a statement that an analysis conducted by the firm’s management team...
...million decline for the entire University from the $1.6 billion paid out last year. Harvard officials have projected a 30 percent decrease in the endowment from its June 2008 value of $36.9 billion. Even with a five percent decline in spending, the payout rate would be nearly 5.9 percent??a number that would be the University’s highest in over 20 years. Similarly, the School of Public Health is now expecting a two percent reduction in endowment income for the coming year, the school’s dean Julio Frenk wrote in an e-mail...
...also requested that the managers give back their income earned during the fiscal year ending June 30, when HMC’s top six officials made a collective $26.8 million. Even given the fact that in the following four months, Harvard’s endowment plunged a record 22 percent??losing roughly $8 billion—such calls for drastically lower pay are unreasonable, as they fail to take into account the true impact these officials have on Harvard’s endowment...
...state budget proposed by Mass. Governor Deval L. Patrick ’78 calls for raising the cap on charter school spending to 12 percent from nine percent??a move that could allow for the creation of a fourth charter school in Cambridge. The proposal was met with criticism from interest groups and educators on both sides of the charter school debate. Although the governor’s proposal would allow more students who want to attend charter schools to do so, the additional funding comes with the stipulation that 80 percent of the new schools?...