Endowment Hits $1,013,000,000; Income and Expenses Both Rise

The value of Harvard's investments reached a record $1,013,751,000 this June, a growth of six per cent during the past fiscal year.

Income for 1964-65 totalled $124,416,000, up eight per cent, but expenses kept pace with an eight per cent jump to $118,935,000.

Funds received from the federal government rose slightly to 33.4 per cent of Harvard's total income. They have grown from 7.9 per cent ten years ago.

The figures come from the financial report to the Board of Overseers, released yesterday. In a statement accompanying the 134-page report, treasurer George F. Bennett '33 thanks those who have contributed to Harvard's endowment, which is easily the largest in the country.

But Bennett warns that income from the endowment fund has not grown as quickly as Harvard's expenses. While there was little change last year, the percentage of expenses covered by endowment has been dropping over the long term.

The largest gift recorded during the year was the $2 million that the Ford Foundation paid the Law School for "support of training and research in international studies." There were three other gifts of more than $1 million.

The list of general investments shows that Harvard's most valuable common stock is General Motore; its 275,000 shares -- 133,000 more than last year -- are worth over $26 million. The University also owns sizeable amounts of IBM and Texaco, Inc. ($25 million in each case). Harvard's Wealth-How It's Grown Total Value of Investments 1964-1965:  $1,013,751,000 1963-1964:  $950,188,000 1954-1955:  $444,189,000 Income for the Fiscal Year 1964-1965:  $124,416,460 1963-1964:  $114,961,529 1954-1955:  $42,602,422 Expenses for the Fiscal Year 1964-1965:  $118,935,566 1963-1964:  $110,018,888 1954-1955:  $41,770,617