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Harvard's rate of return on investment was lower than that of 25 educational institutions whose carvings over the past ten years have been studied by the Ford Foundation.
George F. Bennett '33, treasurer of the University, disclosed Harvard's financial status over a week ago in his annual report to the Board of Overseers.
Calculations based on his figures show that the University earned-through both income and capital gains-a return of 74 per cent of the book value of its general investments during the fiscal year.
In the last decade, the colleges and universities surveyed by Ford managed an average return on investment, including capital gains, of 8.7 per cent.
Harvard does not officially consider the growth in the value of its capital investments in reckoning its annual earnings.
Last year, the stocks, bonds, loans, and mortgages in Harvard's general investment tuned yielded $48.4 million in income.
This represented a 4.2 per cent return on the market value of its general investments-0.2 per cent higher than last year's rate of return and the highest rate in 25 years, according to Bennett.
Figure It Out Yourself
The growth in the market value itself, however, was the slowest in recent years. The market value increased by $113.8 during fiscal 1968, but only $6.2 billion (to $1158 million) in fiscal 1969.
The book value of the University's general investments was $869.8 million on June 30, 1969-$43.0 million more than at the end of fiscal 1968. Harvard received $29.5 million in gifts to the capital fund last year, with the other $13.5 million of the increase coming from the increased value of its investments.
This $13.5 million, taken together with the $48.4 million income from investments, represents a 7.1 per cent return on the University's investments.
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