Word: petersham
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Thirty-four years later, Harvard began a campaign to sell the forest to a prominent New York environmentalist for $400,000, and to keep the endowment--which by then had grown to $2.5 million--to support another Harvard forest in Petersham, Mass...
Black Rock, located more than 200 miles farther away from Harvard than Petersham, was little used by students or faculty, who could conduct virtually all necessary research at Petersham. In addition, Black Rock costs some $25,000 to $30,000 a year to maintain...
Although the majority of the income from the Black Rock Trust Fund is now used for Petersham, under New York state law governing charitable trusts, Harvard must support the little-used Black Rock Forest for silviculture research. Harvard cannot invest heavily in the Petersham forest--and today, new funds for forestry are not readily available...
...forest to Golden for $400,000. Golden would form an "educational consortium" of about a dozen schools to use the forest for research. Harvard would then leave that $400,000 in a permanent endowment to remain associated with Black Rock, but would keep the $2.5 million to support Petersham operations...
There's nothing wrong with Harvard trying to sell the Black Rock land. Faced with how to dispose of a property that is inconvenient for Harvard--which conducts virtually all of its limited forestry work at the nearer, better maintained Petersham site--but immensely valuable to schools and organizations nearby, the University is taking care to transfer it into good hands, and is including numerous safeguards in the sale agreeement to protect the integrity of the land...