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Expenses for the University rose nearly 12% in the past year while the market value of Harvard's endowment funds increased only 5%, Paul C. Cabot, treasurer of the University, announced yesterday.
The University's investment account, which includes funds for all the activities of the ten graduate schools and Harvard College, had a market value of $500,962,000 on June 30, 1957, comapred to $478,739,000 for the previous year. The current "Program for Harvard College" fund-raising campaign for $82.5 million has accounted for approximately $15 million of the increase, the balance representing a market value increase of the general investments account.
University expenses, at the same time, have increased from $44,799,352.25 to $50,060,833.37, primarily for wages and salaries.
Most of Harvard's endowment funds are intended for specific purposes, such as research, instruction, or scholarships in a particular field, Cabot noted. Less than 14.6% of the University's endowments are unrestricted funds, available to the University for work in new fields and development of teaching and research areas.
College Largest Participant
The College itself, largest single participant in the University's endowment, has seen a noticeable reduction in the share of its expenses borne by income from endowment funds. Endowment income last year met 32% of the College's costs of operation, as contrasted with a 47% share 25 years ago, from both restricted and unrestricted funds.
During this period, income for the College has doubled, but expenses for maintenance, wages, and salaries have quadrupled. To meet this financial need, tuition and other immediate sources of income have had to be increased.
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