But while Radcliffe's endowment spending may seem liberal--especially in comparison to Harvard's stingy 3.7 percent--Vice President for College Relations Bonnie Clendenning contends that Radcliffe is "financially conservative," saying the trustees are usually cautious to avoid going into debt.

Naomi Richman of Moody's Investors Services, an expert in college investment strategies, says $10 million is a large amount of money for Radcliffe to take from its endowment. But she adds that Radcliffe's low debt and large endowment should allow it to stay afloat--at least for now.

Yard Wars?

Even though Radcliffe is not sliding into bankruptcy, it does not appear to be soaring to great financial success either.

Harvard--known for its skilled investors and high yields--eclipses Radcliffe in financial growth and success.

The picture at Harvard is much bigger.

Although Harvard and Radcliffe are not in the same league--the University's endowment is about 60 times the size of Radcliffe's--it is possible to compare the relative successes of the capital campaigns of the two schools and the corresponding growths of their endowments.

Harvard has made greater progress in fundraising. Its $2.1 billion campaign is ahead of schedule, with 87 percent of its goal achieved. Harvard has one more year to raise the remaining 13 percent.

Radcliffe, in contrast, has only completed 67 percent of its campaign and, in two more years, must raise 33 percent of its ultimate goal.

Harvard's fundraising success has also translated into greater endowment growth. From 1992 to 1997, the University's endowment increased from about $4.5 to $11 billion, a growth of more than 140 percent. During the same period, Radcliffe's endowment grew slowly from about $120 to $170 million--an increase of only 44 percent--and even dropped from 1993 to 1994.

Anxious Alumnae

Emotional reactions to the current discussions between Harvard and Radcliffe range from ecstatic to fearful. But one thing's for sure--if Radcliffe were to tug on the purse strings of its alumnae post-merger, heartstrings in tune with Radcliffe "College" might snap.

Almost all major donors contacted by The Crimson say they would have to seriously reconsider the appropriation of their money if Radcliffe's status were to change.

"If Radcliffe no longer exists as the place we knew it, it will mean more money goes to Harvard," says Judith P. Willner '67.

Majorie N. Bennett '44 says she cannot imagine a Radcliffe that exists under Harvard's wings. But she says if that came to be she would have to "read the fine print" and scrutinize the terms of the agreement.