Word: putnams
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Dates: during 1970-1979
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...George Putnam '49, treasurer of the University, said yesterday that the $20,000 grant to the Harvard Management Company is for a booklet describing "how Harvard set up the management company and how it works...
Harvard's system is unique in that the University hired outside experts to manage its endowment, but the experts work only for Harvard, Putnam said...
...grant "just guarantees that Harvard won't lose anything on the publication" of the booklet, Putnam said. Bailey said the work will be primarily to aid other endowed institutions...
Stillman's donation came in an era of an expanding national economy when former President Nathan M. Pusey '28 could easily tap great fortunes for large' scale development. But "Harvard's ability to call on wealthy alumni is rapidly nearing an end" one University fundraiser says, and Treasurer George Putnam Jr. '49 now concedes that Harvard currently faces "the hard realities of an acute financial bind where there now exists a need for hard choices...
...bottom line of soaring inflation and crippling recession that are hitting the traditional sources of outside gifts is that the cost of operating Harvard is nearly outrunning the University's ability to pay. In recent years, Putnam says, President Bok and Hale Champion, financial vice president, have "succeeded in squeezing all the old fat out, but you can't do this forever. Eventually the choices will have to be made...