Why Do Universities Have Endowments?

Abstract

Treasurer's Office gave generous assistance in interpreting the university's financial records.These individuals and organizations bear no responsibility for the views presented here.' Figures are as of June 30, 1988.Harvard also reports a figure of $4.62 billion for the "general operating account," which comprises, in addition to funds that the university designates as endowment, other liquid assets, such as pension reserves.Harvard and Yale are used as examples here and elsewhere in this article simply because they are among the nation's best-known and best-endowed institutions and because information on their histories and finances is relatively accessible, and not because there is reason to believe that these universities have been less thoughtful than other universities in their endowment policies; indeed, they have probably been among the most enlightened institutions in this regard.

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