There's a Gift in Your Future

In a radical departure from past policy, the Ford Foundation has granted half a billion dollars to over 4000 private colleges, universities, and hospitals. The size of the gift, about one sixth of the Foundation's capital, is in itself unique. Even more significant, however, is the way in which the funds will be distributed.

For the first ten years the money given to colleges and universities will be put on endowment basis; only the income can be used and then only for teachers' salaries. After ten years however, institutions may use both income and principal for any purpose. For the first time in its nineteen-year history, the Ford Foundation is leaving the administration of so large a gift solely to the institutions themselves. "It is the view of the trustees of the foundation," said Judge Charles E. Wyzanski, Jr. '27, Ford Trustee and President of Harvard's Board of Overseers, "that creative scholarly work is best done by creators who select their own tasks."

While the gift will just begin to raise teachers' buying power to pre-war levels, it shows where further gifts are most needed. In giving the recipients control of the funds, the group has set an important precedent. The Ford Foundation is to be congratulated both for its gift and the way it chose to make it.