$162,000,000 in Endowments Play Major Role in University's Upkeep

Endowments totaling $162,000,000 are playing an increasingly important role in the upkeep of the University, Edward Reynolds '15, administrative vice-president of the University, told a meeting of alumni at the Harvard Club, convention in Milwaukee Saturday.

In a normal year, tuition pays about half of the expenses of teaching a student in the College and only 22 percent of the cost of instruction in the Medical School, he declared, and money from investments must make up the rest.

$32 Million Carte Blanche

Declaring that "Harvard's growth has paralleled the growth of its responsibilities," Reynolds reported on the expansion of endowments from 1869 when Charles W. Eliot became President to the financial state today. At that time there were $784,202 in endowments and expenses totaled $99,316.

"We are stretching our endowment dollars today," Reynolds said, estimating that expenses for this year will run in the neighborhood of $22,000,000. Most of the 1,800 different gifts and legacies held by the University carry some restriction on their use, so that of the $162,000,000 of endowment, only about one-fifth, or $32,000,000, may be applied in any way the University wishes.

As to the business management of the University's $100,000,000 worth of buildings, and their contents in classroom and laboratory equipment, books, museum collections, and other apparatus, Reynolds reported that it "takes people as well as money." Non-academic personnel here now number over 3,500 men and women.

University dining halls are collecting over $2,000,000 this year, at a cost per meal of 55 cents. "But you can be assured that our food is of good quality, an ample and carefully selected diet, and as well prepared as we know how," he told the alumni.