Harvard 10% Richer, Finance Report States

The University's income, expenses and assets showed a general increase of about ten per cent for the fiscal year ending June 30, 1964. The figures are contained in the 132-page annual financial report which the Board of Overseers approved Monday.

Income for operating expenses was up more than $12 million to $115 million. The increase came about equally from University and U.S. Government sources, but the government's shares rose from 30.3 to 32.6 per cent of total income.

Other large sources of income were endowment funds and tuition, each accounting for slightly less than 20 per cent of the total.

Operating expenses rose $10.7 million to $110 million--like nearly all the figures in the report, a record high. Much of the rise was attributable to higher incidental costs conected with government grants and contracts.

The market value of the University's general investment portfolio continued its steady march toward the billion-dollar mark during the fiscal year, reaching $916.4 million. This figure represented an $83 million increase from the previous year and a huge increase of $200 million from two years ago.

The book value of these holdings, which is used in computing the University's assets, amounted to $614.5 million, a rise of $43.6 million from fiscal 1962-1963.

Assets reached a total of $675.9 million, an increase of $42.3 million.

A perusal of the report showed little change in the University's prudent investment habits. Among other things, the report indicated that the University has reduced its holdings of tobacco common stocks and added 10,000 shares of Chrysler to its more substantial blocs of General Motors, Ford and Volkswagen stock.