Donations to Harvard Fell 9 Per Cent for 1974-75

Private gifts to the University fell by more than 9 per cent for 1974-75, dropping to about $52.3 million, officials in the Development Office said yesterday.

Henry F. Colt '46, director of University Development, blamed the drop of about $4 million from last year's totals on the weak state of the national economy.

"We were down considerably in corporation and foundation giving," Colt said.

Despite the drop, Colt said he is "hopeful" that Harvard will continue to lead the nation in private donations. "Only if another school receives a great big bequest," will the University be surpassed, Colt said.

Harvard has led

Harvard led all schools in 1973-74, with gifts totalling $56,826,486. The University also led the nation in 1972-73 with $57,154,000.

The figures still have not been audited, Colt said, adding that he cannot release the breakdown of gifts from foundations, corporations, and private individuals until after the Corporation reviews the figures next Monday.

Colt said donations could have fallen off a great deal more considering the poor conditions of the stock market. "We were more fortunate than other institutions this year," he said.

Although not all Ivy League Universities have released donation figures, unofficial figures from Yale and Columbia also show substantial decreases in gifts.

Capital gifts to the endowment dropped by more than 60 per cent at Yale while gifts to Columbia fell by about 25 per cent.

Colt said he cannot yet assess the impact of the gift drop on the day-to-day operations of the University.

He said foundations have "felt the pinch of the tight economy and spread out their payments in reduced amounts."

More restricted gifts

There was an upsurge in gifts by private individuals to the University, Colt said, but many of those gifts were restricted to a specific purpose outlined by the donor and cannot be used for operating expenses.

Colt said the tight economy has forced the Development Office to operate on a "mini-campaign basis" to attract donors to specific programs.