Harvard's Endowment Up to $29.2 Billion

Forbes / AP ^ | Sept 19, 2006 | MELISSA TRUJILLO

[jdm]

Harvard University said Tuesday its endowment rose by 16.7 percent to $29.2 billion in its latest fiscal year, extending its longtime growth despite recent changes in management.

The endowment's value at the end of June, the end of its fiscal year, compares with $25.9 billion in mid-2005.

Harvard depends on its endowment - a combination of about 11,000 individual funds - for a large portion of its annual expenses. In the 2006 fiscal year, nearly a third of its operating budget, or more than $930 million, came from the university's endowment.

Last year, Harvard named Mohamed El-Erian, a specialist in emerging market debt, as CEO of Harvard Management Co. El-Erian succeeded Jack Meyer, who helped dramatically grow Harvard's endowment from $4.7 billion in 1990.

"Notwithstanding some of the challenges associated with its current transition phase, HMC's efforts at adding value continued to draw successfully on both internal and external expertise," El-Erian said in a news release.

A study released in January by the National Association of College and University Business Officers ranked Harvard as the richest university in the nation, far outpacing second-place Yale, which had a $15.2 billion endowment.

[jdm]

Indoctrination isn't cheap! :O)

[dfwgator]

Saudi money goes a long way.

[Antoninus]

Just think how much better the world would be if they spent all that money on the poor...

Of course, that's exactly what people say when they hear about the treasures held by the Vatican and other Church institutions. Places like Harvard always seem to get a pass, though.

[RightWhale]

That is better funding than several States, than some countries.

[hophead]

Now they can recruit a few more terrorists to campus.

[Texas_Jarhead]

"...who helped dramatically grow Harvard's endowment from $4.7 billion in 1990."

Dang! from under $5B to $29B in 16 years. I'd say that is better than market returns.

[Brilliant]

Would be better spent to reduce the federal deficit.

[staytrue]

It is less money than either bill gates or warren buffet has.

[dfwgator]

Would be better spent to reduce the federal deficit.

F that noise, the gubmint would just find ways to spend it.

[Wyatt's Torch]

No kidding. Someone should develop a Harvard Endowment Fund tracking mutual fund.

[osideplanner]

A third of it's operating budget more than $930 million????? How do they spend so much money?

[Tzimisce]

We should all be proud that so much of our money is going to educate people to hate this country (and in some cases, reinforce the people who want to tear it down.)

[RightWhale]

Heard at a Mensa luncheon: If you're so smart why aren't you rich?

Does make one wonder if BG or Buffet is so much smarter than Harvard.

[Paradox]

I've heard its good to be well endowed, oh well..

[Fiddlstix]

Heard at a Mensa luncheon: If you're so smart why aren't you rich?

Click the Pic J

Maybe they should get a better job. lol

[TomGuy]

Yeh.

All that ME oil money has to go some place. And buying influence around the globe is a pretty good use for it (from their vantage point).

ME oil money can pay for the best politicians money can buy. It can pay for influence in institutions, in media (News Corp., for example), in colleges and universities, etc.

All that ME oil profit isn't just going into a big savings account.

[dfwgator]

Don't you know when you mention that you are "meddling with the primal forces of nature."

[sine_nomine]

I was thinking that the big increase would make the faculty vote Republican this year.

[peggybac]

My father, a Harvard graduate, quit giving money years ago because of the radicalization of the school. He once was very active in the alumni but became so disgusted with the college and the professors. Obviously, his money wasn't missed lol. I'm sure he's rolling in his grave hearing about this.

[buckeyenation]

Harvard... the Washington and Lee Univ. of the Northeast! :)