Radcliffe has amassed a record-breaking $15 million in donations over the past year--much of it in the form of large gifts from concerned alumnae this spring following widespread reports of Radcliffe College's imminent death.

But last year, donations to Radcliffe totaled a mere $9.5 million.

The wild fluctuation in recent donations illustrates the extent to which Radcliffe is dependent on the whims of its donors--especially since these donations consistently make up over a quarter of Radcliffe's annual operating budget.

And with changes in the air at Radcliffe, alumnae say they may consider giving to Harvard instead. They are skeptical about giving to an institution with no role in the education of undergraduates. They say they cannot commit to a research institution under Harvard's umbrella.

But without large alumnae donations, it is uncertain whether Radcliffe could remain financially strong.

The surging stock market growth of the 1990s should have spurred large returns in Radcliffe's investments, but Radcliffe's coffers have not burgeoned as much as might have been anticipated.

In addition, Radcliffe withdraws a larger percentage of money from its endowment than the American college average. This stifles the endowment's growth and, in some years, Radcliffe may actually eat away at some of the investments it already owns.

For Harvard--which under a new agreement may be forced to subsidize its new "tublet"--a partnership with Radcliffe could be losing proposition.

Taking Stock

At the beginning of the last fiscal year, Radcliffe's endowment was about $150 million. Income from the endowment and donations to Radcliffe's capital campaign increased the total by about $30 million.

But, then, finance administrators took $10 million--one-third of the income--from the total to pay for the college's annual operating costs.

Compared to other American colleges and universities, this is a sizable withdrawal from the endowment.

For the last four years Radcliffe's endowment payout has been 6 percent, two points above the national average of 4 percent.

In recent years, when Radcliffe has needed a boost of money, it has turned to its endowment for support.

Vice President for Finance and Administration Nancy Dunn says the 6 percent payouts have been necessary to fund special initiatives--including Radcliffe's seven-year capital campaign begun in 1992 and the founding of the Public Policy Institute in 1995. She adds that Radcliffe plans to decrease its payout to 5 percent next year.