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ARCH.2003.25, Rendition: 794153
The image appears to be a page from the Harvard Alumni Bulletin, specifically from the December 4, 1930 issue, page 325. It contains an article titled "Harvard Finances," which discusses the financial practices and investments of Harvard University.
The text in the article explains that the Harvard Corporation had authorized the Treasurer to increase the book value of its general investments by 10 percent as of June 30, 1929. The article also mentions that the practice of reporting investments at cost or nominal value was considered conservative and that there was a material appreciation in the investment holdings of the University. It further addresses the retention of high book values, which the author views as potentially problematic and possibly unfair to older funds.
The article continues to elaborate on the financial situation of Harvard's endowments, providing examples of how the practice of reporting investments at cost or nominal value could lead to a financial advantage for some funds over others. It also includes a section with a table listing names of funds, amounts, and restrictions, which seem to be related to Harvard's endowments.
The page shows signs of age, with some discoloration and creasing, and it is presented on a light gray background. The text is typed in a serif font, and the page is lined up with a perforated edge on the left side, suggesting it was part of a bound document or report.
This image is a page from the "Harvard Alumni Bulletin," dated December 4, 1930, and numbered 325. The page contains a letter titled "Harvard Finances," addressed to the Editor of the Bulletin. The letter discusses the financial practices of the Harvard Corporation, particularly regarding the book value of its general investments and the distribution of income from various funds.
The letter mentions that the Harvard Corporation has authorized the Treasurer to increase the book value of its general investments by 10 percent as of June 30, 1929. It also discusses the practice of reporting investments at cost or nominal value and the potential implications of this practice on the older funds.
The letter includes a table listing five funds, each with an amount of $1,000,000 and their respective restrictions:
The text further explains that these funds were invested in a general investment fund, which paid annual dividends amounting to $1,000,000, resulting in a yield of 20 percent on the original cost or book values. The letter discusses the distribution of income from these funds and the impact of additional donations, such as the one from John Marshall Portia in 1926.
The page shows signs of age, with some discoloration and wear, and there are four punch holes on the left side, suggesting it was part of a binder or folder. The bottom right corner of the page appears to be slightly torn.
This image displays a single, aged page from the Harvard Alumni Bulletin, specifically page 325. The page is printed on off-white, slightly yellowed paper and shows signs of age, including a prominent tear along the lower right corner and some minor creases. Three punched holes along the left margin suggest it was once stored in a binder.
At the top, the page is identified as:
HARVARD ALUMNI BULLETIN
HARVARD FINANCES
And on the top right, the page number 325 is printed. A handwritten date, Dec. 4, 1930, is scribbled in pencil in the upper right area of the printed text block.
The main content is an article or letter addressed “To the Editor of the Bulletin.” It is a critical commentary on Harvard University’s financial practices, specifically its method of reporting investments.
Critique of Accounting: It challenges the Harvard Corporation’s decision to increase the book value of its general investments by 10% as of June 30, 1929. The author argues that reporting investments at cost (or nominal value) is merely “conservative bookkeeping” and that hiding their real, appreciated value (which the article acknowledges is known) is an “unwarrantable injustice” and “a grave injustice on the older funds.”
Impact on Specific Funds: The article focuses on the Asa Gray Herbarium Fund (established in 1865), which, despite receiving only a 5.5% return, was used to fund the purchase of pictures for the Fogg Art Museum in 1929. The author finds this unfair, as the fund’s money was diverted from its original purpose.
Illustrative Example (Sardis College): To illustrate the perceived injustice, the article presents a hypothetical (or historical) case of Sardis College, founded in 1900 with a $5,000,000 endowment from five funds (J.P. Croesus, Henry C. Cyrus, Edel F. Xenophon, John D. Aristotle, and Andrew C. Midas Funds). It details how, over 25 years, income was generated and distributed. It highlights an example where the department of natural philosophy received $200,000 from the John D. Aristotle Fund in 1925, even though the original gift was only $50,000, thanks to the fund's growth.
Conclusion: The article argues that this accounting practice—reporting investments at cost and distributing income based on that artificial, low value—deprives older, restricted funds of their fair share of the real growth of the university’s investments.
The article contains a small table listing the “Name of Fund,” “Amount,” and “Restrictions” for the five hypothetical funds of Sardis College. The text is densely set in a traditional serif font, typical of academic or periodical publications of the early 20th century.
In sum, the image captures a historical, critical piece of financial commentary from a 1930 issue of the Harvard Alumni Bulletin, highlighting a specific debate about university endowment management and accounting ethics, preserved on a physically worn page.
The image is a page from the Harvard Alumni Bulletin, dated December 4, 1930. The page discusses Harvard's financial situation, specifically the investment practices of the Harvard Corporation and the Treasury. It mentions that the Harvard Corporation authorized the Treasurer to increase the book value of general investments by 10 percent as of June 30, 1929. The page criticizes the practice of reporting investments at cost or nominal value, arguing that it is not a rational motive for real worth concealment. It also discusses the distribution of dividends from various funds, including the Asa Gray Herbarium Fund and the Fogg Art Museum, and mentions the endowment of Sardis College by John Marshall Portia. The page provides a table listing the names of various funds, their amounts, and their restrictions.
The image depicts a page from the "Harvard Alumni Bulletin" dated June 4, 1930. The page is numbered 325 and is part of a larger publication. The content is divided into two columns of text, with the left column containing an article titled "To the Editor of the BULLETIN:" and the right column containing an article titled "HARVARD FINANCES."
The left column article discusses the Harvard Corporation's decision to increase the book value of its general investments by 10 percent as of June 30, 1929. It mentions that there had been a material appreciation in the investments, which is common knowledge. The practice of reporting investments at cost or nominal value is considered quite generally as a conservative bookkeeping euphemism of no particular consequence one way or the other. Since a complete and detailed list of Harvard's investment holdings is published each year, concealment of real worth could not be considered a rational motive. In all probability, the matter of convenience and simplicity, apparently hurting or hindering no one, was a factor. As a matter of fact, this practice works a grave injustice on the older funds by actually depriving them of some of the income due to them. For the year ending June 30, 1929, the net income from general investments was divided at the rate of 5.5 percent, amounting to income to funds.
The right column article discusses Harvard's finances, specifically focusing on the Harvard University Library Fund and the Harvard University Museum Fund. It mentions that money given 65 years ago solely for the benefit of the Gray Herbarium has been allowed to supply a fraction of the unwarrantably high income paid by the treasurer in 1929 to the Fogg Art Museum for buying pictures. It also discusses the income from various funds, such as the J. P. Croesus Fund, Henry C. Cyrus Fund, Edsel F. Xenophon Fund, John D. Aristotle Fund, and Andrew C. Midas Fund, and how the income from these funds is restricted or unrestricted.
The image also shows a table listing the names of the funds, the amount of each fund, and the restrictions on each fund. The table includes funds such as the General Expense Literature and Languages, Natural Philosophy, History, Government, and Economics.
Overall, the image provides a glimpse into the financial management and investment practices of Harvard University during the early 20th century, highlighting the complexities and challenges of managing large endowments and the importance of transparency and accountability in financial reporting.
The image shows a page from the Harvard Alumni Bulletin, specifically issue number 325, dated December 4, 1930. The page is titled "HARVARD FINANCES" and discusses financial matters related to Harvard University, particularly focusing on investment policies and practices.
The text discusses the Harvard Corporation's decision to increase the general investment rate of its investments from 10% to 15% as of June 30, 1929. This change is significant because it reflects a shift in investment strategy and highlights the financial management practices of the university.
Investment Policy Change:
Practice of Reporting Investments:
Example of Injustice:
Table of Funds:
Discussion of Restrictions:
The page emphasizes the importance of modernizing investment practices to ensure fair and accurate representation of the university's financial health. It critiques the outdated practice of reporting investments at nominal or cost value and advocates for a more transparent and equitable approach to managing Harvard's financial assets. The discussion is framed within the context of Harvard's financial management and its impact on stakeholders, including benefactors and the broader university community.
The image shows a page from the Harvard Alumni Bulletin, dated June 30, 1929. The page is yellowed and has three holes punched along the left side, indicating it was part of a binder or file.
In summary, the image shows a page from the Harvard Alumni Bulletin, dated June 30, 1929, which discusses various funds and investments, including the Harvard Corporation's authorization to increase the book value of its general investments by 10% as of June 30, 1929. The page provides a comprehensive overview of the financial situation, with clear headings and subheadings used to organize the content. The tone is formal and professional, reflecting the academic and financial nature of the content.
The image presents a page from the Harvard Alumni Bulletin, dated December 4, 1930, with the title "HARVARD ALUMNI BULLETIN" at the top. The page is yellowed and features three holes punched along its left side, indicating that it was once part of a binder or folder.
The content of the page is divided into two sections: "HARVARD FINANCES" and "RESTRICTIONS." The first section discusses the financial performance of Harvard University, including the increase in the book value of its general investments by 10% as of June 30, 1929. It also mentions the distribution of the Alpheus Hyatt Purchasing Fund (Fogg Art Museum) of 1927 and the Gray Herbarium Fund of 1865.
The second section outlines the restrictions on the use of certain funds, including the General Expense Literature and Languages History, Government, and Economics Natural Philosophy Unrestricted. The page also includes a list of various gifts turned over in cash to the college treasurer, who combined them for investment purposes in a general investment fund.
Overall, the image provides insight into the financial management and investment strategies of Harvard University during the early 20th century.
The image shows a yellowed, aged page from the "HARVARD ALUMNI BULLETIN" dated December 4, 1930, with the title "HARVARD FINANCES" at the top.
The page is divided into two columns of text, discussing Harvard University's financial matters, including investment strategies and fund management. The text is written in a formal tone and includes specific details about the university's financial decisions and outcomes. A table is also present, listing various funds, their amounts, and restrictions.
The page appears to be a photocopy or scan of an original document, as evidenced by its yellowed color and worn edges. It has been punched with four holes on the left side, suggesting that it was once part of a binder or folder. The page number "325" is visible in the upper-right corner, indicating that it is part of a larger publication. The date "Dec. 4, 1930" is handwritten at the top of the page.
Overall, the image provides a glimpse into Harvard University's financial management practices during the early 20th century, offering insight into the institution's investment strategies and financial decision-making processes.
The image presents a vintage document, likely a page from an old newsletter or bulletin, featuring a formal article discussing Harvard University's finances. The document is yellowed with age and has a worn appearance.
In summary, the image depicts a vintage document from the Harvard Alumni Bulletin, discussing Harvard University's finances and the performance of various funds. The article highlights the university's investment strategy and the returns generated by these investments.