The Ford Foundation has taken a real beating on the market in the last couple of years, and now Harvard, one of Ford's biggest beneficiaries, is felling the pinch.
Even though total gifts to Harvard fell 9 per cent in 1974-75, in many ways it was the $1.8 million drop in aid from Ford that is most alarming.
The foundation has traditionally funded many of Harvard's most exotic programs, including many of the University research centers.
Other donors apparently played the market much better, with individuals upping their private ante by more than $4.9 million.
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