Higher Education: Resources and Finance

By Seymour E. Harris | Go to book overview

TABLE 39-3
Comparison of Diversification of Investments of Three Universities, 1921, 1930, 1938, and 1947, per cent
University and yearBondsStocksReal estateMortgagesMiscellaneous
Harvard:
19216920...11
19305327128
1938563761
1947514711
Yale:
192163131284
1930324310114
193822515715
194739436210
Columbia:
19214519...36
19301755721
19388116120
194715195214
Source: Adapted from G. I. Kirkpatrick, "A Study of University Endowment Funds," unpublished
master's thesis, New York University, 1949; the 1921 and 1930 percentages are from
John H. Prime, A Study of University Endowment, New York University, 1933.

more than 60 per cent. The maximum was Wesleyan with 81 per cent and Delaware with 85. Only 2 had less than 40 per cent in common stocks.

By June 30, 1958 (Table 39-1), 200 IHL with 85 per cent of the total endowment funds had investments of $3,781 million at book value and $4,857 million at market value (128 per cent of book); market value of common stocks was 189 per cent of book. Common stocks were 32.5 per cent of book and 47 per cent of market; bonds, 44 and 34 per cent respectively; and other investments (college plant, mortgages, real estate, etc.), 18 and 16 per cent respectively.


FOOTNOTES
1
American Council on Education, Current Investment Practices of Colleges and Universities, 1936, p. 16; also see E. L. Hawthorne, Fund Raising for the Small College, pp. 132-137, esp. chaps. 6-8.
2
Ibid., p. 6.
4
Yielding income.

-484-

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