Word: perring
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Dates: during 1960-1969
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...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 than four times as fast as the value appreciation of the general investments) so that it now amounts to more than $64 million...
...true that if the Treasurer started cutting into anything more than the dividends and interest from his investments, he would "get gusted"? Not in the legal sense, certainly. In the first place, according to an official in the Treasurer's own office, only about 40 per cent of the endowment is restricted to principal. The other 60 per cent could be spent in its entirety if the Corporation saw fit. Yet even for that part whose income, by the terms of the bequest, is all that can be used, the principal is legally defined as only the original amount...
...income. Taking a larger share of the load not borne by fees would be, on the long run, suicidal. Is this true? From the end of the Second World War to 1967, the market value of the general investment almost sextupled, which means an average increase of about 8.4 per cent a year compounded. This annual rate of increase is made up mainly of value appreciation but it also includes gifts for capital and undistributed "income." Put in more general terms, the investments have increased about two and one-third times every ten years, which leads us to predict that...
...first years during which fees were subsidized, the growth rate of the general investments might be cut back to 6.5 per cent, but this rate would gradually grow back toward the original 8.4 per cent. (The full version of the financial research is available...
...biases in admissions that favor those with the advantages of "nature and inheritance," i.e., preppies, and sons of those "ruling." Yet even after the screening done by high fees the college still applies economic arguments to those applications that are received in order to justify favoritism to preppies (40 per cent of each class). They say they need the tuition and the potential later financial support...