General Motors announced on Friday its nomination of former Harvard Management Company President and CEO Jane L. Mendillo to stand for election to its board of directors.
Responding to congressional inquiry about university endowments, Harvard released an extensive document Friday explaining how its $37.6 billion endowment advances its educational—and tax-exempt—mission.
Roughly half way through a five year capital campaign that hopes to raise a higher education record of $6.5 billion, University President Drew G. Faust extolled Harvard’s broad societal value to hundreds of alumni and affiliates gathered on campus Tuesday night.
In response to requests by Congressional leaders to increase the degree of federal oversight for large university endowments, Harvard has indicated it will work with Congress to provide more clarity and information regarding the use of its endowment resources.
As the Harvard Divinity School’s capital campaign exceeds the halfway mark, its hallowed Andover Hall will undergo a transformation into a central hub of activity for multifaith religion, academic study, and events addressing social issues.
In 2015, the two committees—the corporation committee, which consists of four members of the Corporation, and the Advisory Committee on Shareholder Responsibility, a 12-member panel of students, faculty, and alumni—voted on 54 proposals.
Pedicini, who will leave HMC after just two-and-a-half years, departs after her department suffered criticism from Divest Harvard over the Management Company’s steadfast refusal to fully divest the endowment from the fossil fuel industry.
“Everyone has the impression that Frank has a $400 million check in his pocket,” said Sean R. Eddy, a professor of Applied Mathematics. “And of course it doesn’t work that way.”
While most schools begin the public phase of their fundraising efforts with half to two-thirds of the goal reached, Harvard Law School has an unusual head start to its campaign.
University President Drew G. Faust said last month that the Divinity School’s campaign, which launched publicly in April 2014, has increasingly become a focus of the central administration.
Federal grant cuts, private foundations and other non-federal sources have stepped up their contributions to minimize the damage to University operations.