a dollar bill tied to it during the 357th Commencement Exercises at
Harvard University in Cambridge, Massachusetts June 5, 2008.
REUTERS/Brian Snyder
Harvard University would also be feeling the pinch due to financial crisis.
From The Wall Street Journal:
- Harvard's endowment, which stood at $36.9 billion in June, has had stellar performance, returning an annualized 14% over the last decade. In fact, its returns had been so lush and its size so large that the Cambridge, Mass., school has drawn unflattering attention from Congress for hoarding its riches. Amid such pressure, Harvard and other wealthy schools have been increasing financial aid.
Ms. Drew Gilpin Faust, Harvard University's president, noted that Moody's Investors Service, the bond rater, is projecting a 30% decline in the value of endowments this fiscal year. Earnings from Harvard's endowment, Ms. Faust said, provide about a third of the school's $3.5 billion budget.
She said the school was assessing all of its capital spending plans, including "the phasing and development" of its massive plan to expand its campus in Boston's Allston neighborhood, which has been described by the school as a multibillion-dollar build-out that will take 50 years.
Ms. Faust said the school remained committed to its new, sweetened financial-aid awards, which make the school tuition free to families with under $60,000 and extend assistance to families making up to $180,000. She also said the school wants to keep tuition increases modest because families are facing financial strains.
Sources :
- The Wall Street Journal: Harvard Prepares for Financial Strains,November 11, 2008 10:22 A.M. ET
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