News
Supreme Court Justice Sotomayor Talks Justice, Civic Engagement at Radcliffe Day
News
Church Says It Did Not Authorize ‘People’s Commencement’ Protest After Harvard Graduation Walkout
News
‘Welcome to the Battlefield’: Maria Ressa Talks Tech, Fascism in Harvard Commencement Address
Multimedia
In Photos: Harvard’s 373rd Commencement Exercises
News
Rabbi Zarchi Confronted Maria Ressa, Walked Off Stage Over Her Harvard Commencement Speech
The dissolution of a 15-year-old trust next week will free up $77 million for investment by the University's endowment.
The trust, which Edward Mallinckrodt, Jr. '00 established in his will, gave Harvard the dividends from more than 1.5 million shares of the Mallinckrodt Chemical Corporation. Under the trust's terms, Harvard could sell stock after 15 years.
The transaction will not provide a new source of income for the University, George Putnam '49, treasurer of the College, said yesterday in a prepared statement.
Walter M. Cabot '55, president of Harvard Management Corporation, which manages the University's $1.7 billion endowment will invest the money in Treasury bonds which he said yesterday should earn more than $11 million next year.
Avon Products agreed in December to buy Mallinckrodt for $50 a share, 45% above the price of Mallinckrodt stock in June 1981.
Since Mallinckrodt's death, the stock's dividends have supported scientific research at Harvard.
Chem 20
Mallinckrodt's will established a trust for Washington University in St. Louis as well as for Harvard.
The combined gift was the largest single amount ever donated to two educational institutions at one time, John H. Biggs '58, chancellor of Washington University, said yesterday. The trust will transfer $38 million to Washington University's endowment.
Want to keep up with breaking news? Subscribe to our email newsletter.