NEW PLAN TO RAISE MONEY
HARVARD MUTUAL FOUNDATION WILL NOW PAY 5 PER CENT ON DONATIONS.
The Harvard Mutual Foundation in the name of a trust which has been recently formed, and to which any persons, desiring to leave their money or property to the University, may now make their donations. The trustees will invest the funds so received, pay five per cent interest to the donor or his immediate heirs during their lifetime, and, at their death, turn over the principal to the University. The fund at present is about $250,000, with probability of an early increase. The new system will probably mean millions of dollars to the University.
The trustees, including many prominent Boston business men, have been named as follows: Charles Francis Adams, 2d, '88, Thomas Nelson Perkins '91, Arthur Lyman '83, George Uriel Crocker '84, John Candler Cobb, Jr., '00, Alexander Haven Ladd '97, and Charles Henry Wheelwright Foster '81; they are appointed with provisions that the President and Fellows shall have certain powers over charges in the trust and the appointment of successors to the trustees in the event of death or resignation.
The main purpose of the trust is to hold certain donations of funds and property from several men who desire an income for their immediate heirs and have the property then go to the University. It is so arranged that other funds and properties can be added to the trust from time to time. The names of the donors and amounts of the donations have not yet been announced.
The trust will run for 20 years after the decease of the last survivor of a group of 21 designated persons. This time is expected to be about 100 years.