New Corporation Member Proposes Foundation to Get Funds to Slums

Hugh D. Calkins '48, newly-elected member of the Harvard Corporation, proposed last night the creation of a private foundation to direct the use of university money in slum areas.

Calkins, speaking on WHRB's Radio Forum, said that he opposed present student demands that Harvard invest some of its $1 billion endowment in urban renewal for areas like Roxbury.

"The people who have given the money have done so with the expectation that it would be used for Harvard's own purposes," Calkins said, "As long as that expectation is strong, I would oppose the use of Harvard money in low-income areas."

"But the idea of investing money in high-risk, low-return areas has merit for individual investors,"Calkins added. "I think that to put some money where it will do some good will appeal to many people."

When that type of investment becomes common, Calkins said, "then perhaps corporations will follow the pattern. But it would be improper for Harvard to do it now."

Foundation Alternative

As an immediate alternative, Calkins suggested that some national group such as the Urban Coalition start a new foundation to act as a "middleman" for donations to universities.

"The new foundation could solicit money from alumni,"Calkins said, "and then invest it in areas like Roxbury and Harlem. As the loans were paid back, the money would go to a college of the donor's choice."

"Not all donors would want this," he added, "but I am sure some would. It would be a way to get a large pool of capital for social change."

Calkins, who was nominated to serve on the five-man Corporation by President Pusey in May, also returned charges that the University's two governing bodies--the Corporation and the Board of Overseers--are controlled by "big business interests."