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Harvard has traditionally pooled cash from the University’s various schools in a General Operating Account that is invested alongside the endowment—a practice that the report said “generated significant positive investment results” in the past. But this year, that strategy backfired, dragging the value of the GOA down from $6.6 billion last year to $3.7 billion this year. Part of that decline reflects the payments made to terminate interest rate swap agreements...
According to the report, the GOA is used to manage and execute all University financial transactions, including routine bill payments...
This weekend, the Boston Globe’s article on Harvard’s financial report suggested that the University’s decision to invest short-term cash alongside higher-risk endowment assets was unusual, and cited Stanford spokeswoman Lisa Lapin as saying that her school “wouldn’t take a cash account and invest it with the endowment...
...interview with The Crimson, Lapin said that her comments may have been misinterpreted and emphasized that she was saying that her school’s operations are funded by investments held alongside the endowment. Stanford’s 2008 financial report, the most recent one available, states that the California university uses an “Expendable Funds Pool” partially to fund operations, of which a “substantial portion [is] cross-invested” in the Merged Pool, which consists of the endowment and other long-term funds...
...people, in numbers not seen since the 1960s, are participating in public service. According to a 2008 Harvard Institute of Politics survey, more than half of 18- to 24-year-olds say they are interested in engaging in public service. Likewise, on our own campus, the majority of undergraduates report participation in public or community service during their time here. This past March, Phillips Brooks House Association’s alternative spring break program, which sends students to various locations for weeklong public service activities, received a record 380 applications—an increase of approximately 90 percent from last...