President Neil L. Rudenstine stepped into Mass. Hall last year with a thousand tasks and a single vision. Now, just 18 months later, the most important task still looms, and he may be giving up on that vision.

The task is the $2 billion fund-raising drive set to begin next year. Postponed in 1990 after then-President Derek C. Bok announced plans to retire, the capital campaign stands to become a defining event for the Rudenstine presidency. If fully successful, the drive would increase the endowment substantially and put budget-fussing administrators more at ease.

Any shortfall in the capital campaign would likely mean cutbacks--cutbacks which could threaten student services, worker salaries and even the breadth of academic offerings which sustain Harvard's reputation.

Such budget slashing wouldn't be easy. Take the Faculty of Arts and Sciences, for example. FAS moved to cut its deficit last year, but found only about $300,000 in real savings. (The deficit was smaller than predicted mostly because of changes in the national economic scene.) More real savings will come at the expense of things we take for granted. For example, the Core Office has already increased the average size of sections for Core classes, giving many students further reason to doubt Harvard's commitment to undergraduate education.

Rudenstine, we thought, had the right idea for solving this mess. He envisions more collaboration among the 10 traditionally separate faculties, and even named a provost to coordinate certain activities. Rudenstine says he wants to foster cooperation where "it makes sense." It makes sense to cooperate in the capital campaign.

The size of the fund-raising job must be kept in perspective: To achieve the $2 billion goal, Harvard must double its current gift receipts over a five-year period. This can only happen if the faculties set aside the every-tub-on-its-own-bottom mentality--at least during this time of crisis--and work together to raise the cash.

When Rudenstine first took over, some University administrators were speculating rather optimistically that the fund drive target might be higher than $2 billion. Now, the same administrators are lowering their sights even as low as $1.75 billion.

Harvard must convey a sense of unified urgency to make the campaign work. There must be a sense that the University improves or declines as a whole. The alternative could mean seriously scaling back programs in the poorer faculties--a move that will eventually hurt Harvard's overall reputation and prestige.

One of Rudenstine's understood goals--and his stated reason for appointing a provost--was greater collaboration among the University's faculties. Many schools are now planning joint programs--between the Education School and the Kennedy School of Government, between the Faculty of Arts and Sciences and the School of Public Health. Every Harvard student, regardless of school affiliation, will benefit from a University that is stronger and better across the board. We can't continue on our present track, bolstering a few elite schools while neglecting others.

But Rudenstine hasn't been able--and hasn't tried very hard--to foster this attitude among other administrators. Under Bok, Harvard's larger faculties became more and more the personal fiefdoms of their deans. In an era of corporate decentralization, Harvard followed along.

It seems that not much has changed. Last week, a Business School Fund official told The Crimson that the B-School isn't on board for the capital campaign. "We're not part of it," he said.

Without the powerful fund-raising abilities of the B-School, the capital campaign could fall well short of its goal. In addition, The Campaign for Harvard Law School, already underway, may suck most of the charitable spirit out of wealthy Law School grads. And it's unclear whether the Medical School will help out, having just finished its own capital drive.

To make matters worse, many Harvard-graduated financial experts--them-selves potential big contributors--are angry about the very need for the capital campaign. They point to the shoddy performance of the Harvard Management Corporation (HMC) in investing Harvard's endowment.

As The Crimson reported last week, 71 percent of the country's colleges and universities earned a higher rate of return on their investments than Harvard did in fiscal 1992. If HMC had reached the average (of the top 25 percent of schools) in the last five year, the University would have pocketed an extra $1 billion--half of what it now seeks to raise. As one rankled contributor put it, "This is a bailout."

Part of Rudenstine's problem seems to be Rudenstine himself. By assiduously defending the status quo on matters from College life to the union negotiations, his administration has done little to create a sense that the post-Bok years will be different. Rudenstine refuses to coordinate University activities beyond academics and computer networks. He even refrains from criticizing HMC's record, which has been mediocre by any measure.

What can Rudenstine do to get the capital campaign back on track? First, he should stick to his original vision. He and Provost Jerry R. Green, with the backing of the Harvard Corporation, should flex a little muscle to bring the deans--especially the ornery Dean of the Business School, John H. McArthur--into line. The campaign simply won't succeed without more cooperation.

Second, Rudenstine should order an immediate and comprehensive performance review for HMC and its leadership. When a major contributor is accusing University officials of "totally abdicat[ing] their fiduciary responsibility," Rudenstine should realize there's a big problem. The fund drive will surely face problems if some of Harvard's biggest givers think their money will be managed poorly.

Perhaps the answer is for Harvard to move its money into highly successful The Common Fund, a cooperative that manages the endowments of many of the nation's universities--and has achieved a higher rate of return in the last 15 years than HMC.

Rudenstine has sketched the lines of a Harvard unified by computer networks and across academic lines. Now he must be willing to fight to extend that vision to the capital campaign. The success of his presidency may depend on it.