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...said.Faust acknowledged that the Task Force report “has not appeared at the most propitious of times,” given the effects of a current financial downturn that has constricted University coffers. Harvard’s endowment fell 22 percent—or roughly $8 billion??in the four months prior to Nov. 1, and is projected to fall 30 percent by the end of the fiscal year on June 30.While the Task Force’s report will need to be subject to some financial concessions, Faust said, Harvard is making...
...people—has faced heightened scrutiny in recent months as University officials prepare for a projected 30 percent decline in the endowment for the year ending June 30. Harvard’s endowment, valued at almost $37 billion last June, was reported to have lost over $8 billion??or roughly 22 percent—by the end of October. But other market indices posted even worse returns, with the S&P 500 falling 24.6 percent in the same period. HMC chief executive Jane L. Mendillo wrote in a statement that an analysis conducted by the firm?...
...back their income earned during the fiscal year ending June 30, when HMC’s top six officials made a collective $26.8 million. Even given the fact that in the following four months, Harvard’s endowment plunged a record 22 percent—losing roughly $8 billion??such calls for drastically lower pay are unreasonable, as they fail to take into account the true impact these officials have on Harvard’s endowment...
...across the University. In November, University President Drew G. Faust sent a dire but vague warning about the impact of the financial crisis, and details began to materialize soon thereafter. December began with the announcement that Harvard's endowment had dropped an unprecedented 22 percent—or $8 billion??and likely lost more when accounting for updated asset prices. The Faculty of Arts and Sciences halted most staff hiring in late November and then froze Faculty wages and put 70 percent of ongoing tenure searches on hold shortly after the endowment announcement. The Medical School...
...announcement comes two weeks after news that Harvard's endowment, higher education's largest, fell 22 percent—or $8 billion??in four months from its June 30 value of $36.9 billion...