Payments to the Program for Harvard College were partly responsible for this year's record gain in capital endowment. The University received $20,485,531 this year, nearly $6 million more than in 1956-57 according to a report issued yesterday by Paul C. Cabot '21, treasurer.
The Program for Harvard College has accumulated $47 million toward its goal of $82.5 million. Part of the sum was paid in 1956-57 and part has been pledged for future years.
Although the University ended the year with a balance of $482,000, several departments suffered deficits. Among these were the Graduate School of Education, the Fogg Art Museum, and the Dining Halls Department. Steps were taken to avoid a further deficit in the dining halls when the University increased board charges this fall.
The general investment account of the University will pay 5.2 per cent interest on all its paticipating endowment funds, according to Cabot. This reflects a gain of two-tenths of one per cent over last year. The rate of payment has gone up a total of one per cent in the last decade.
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