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...Erian took the helm of HMC after the departure of Jack R. Meyer and more than 30 other HMC employees in late 2005. In fiscal year 2007, El-Erian's only full year as HMC president, Harvard's investments earned returns of 23 percent...
...currently pending bill, congressional leaders set on Tuesday the provisional cap on indirect expenses—including administration, building upkeep, and utility costs—at 35 percent, marking an end to a nearly half-century-old tradition of negotiating these rates on an institution-by-institution basis, said Kevin Casey, Harvard’s senior director of federal and state relations...
Funding from the Defense Department constitutes 3.8 percent of the University’s federal research funding, making it the third largest source of government grant money, according a 2007 report by Harvard’s Office of Sponsored Programs. Federal awards accounted for 81 percent of sponsored expenditures at Harvard last year...
Most research universities have an indirect-cost compensation rate of about 50 percent, according to the Chronicle of Higher Education, which reported the latest congressional compromise on the bill this week...
Casey estimated the average Harvard rate to be between 60 and 70 percent, though the rates vary for the three schools that receive Defense Department funding—Harvard Medical School, the School of Public Health, and the Faculty of Arts and Sciences (FAS)—to reflect more accurately the “actual cost of research” at each school, he said...