Yankee Magic

Dozens of college presidents must have wondered again last week how Harvard worked its annual miracle. In an era of college deficits, the University reported a surplus of $820,000 for 1949-50; equally significant was the $25,000,000 in gifts which Harvard received last year. Other schools reported that donors were disappearing.

Harvard spends its money wisely today because its officers remain what they have always bee good Yankee businessmen. Petty economics are practical, and in a large institution they add up. Students often attack some of these savings, but even the cities must admit that the Corporation has managed Harvard's finances wisely and well.

The University's acceptance of modern architecture is an outstanding example of intelligent economy. With the building of Lamont and the Graduate Center, Harvard recognized that modern design gives the most value.

Nothing succeeds like success, and Harvard's record over a period of generations has convinced many to give to the University. Most of the University's greatest benefactors never earned a Harvard degree, but they gave because they believed that the University spent its money wisely and often because the University was waiting with a new project. The University Professorships and the Nieman Fellowships are present examples of these educational innovations.

The University has introduced many modern fund raising techniques. It pioneered the idea of special assistants to the president solely concerned with soliciting gifts. There was some laughter three years ago when President Conant outlined Harvard's needs at $90,000,000 for ten years. But this long-range program in itself has stimulated gifts.

As prices continue to rise, Harvard's financial future is not too bright. All private institutions face severe budgetary problems, but Harvard's Yankee attributed give it a decided advantage.