This piece ran as part of our focus on Harvard's endowment.


When I became Treasurer of the Undergraduate Council last year, one of the first issues that arose was whether or not the UC should invest its money outside of the Harvard University Employee Credit Union. In retrospect—now that we have seen our economy so negatively affected by the current financial crisis—I’m glad we decided we were not expert enough to risk gambling with student money. When University President Drew G. Faust announced that the value of our endowment had dropped precipitously by 22 percent since its June 30 estimate of $36.9 billion, the reality of the crisis hit home. Given that approximately one-third of the University’s operating budget is derived from the payout of the annual interest generated from the endowment and that tuition and donation income are expected to be affected as well, it is an inconvenient truth that budgets across all schools have to be tightened.

Led by Faculty of Arts and Sciences Dean Michael D. Smith, the University as a whole has been mobilized to tackle unprecedented budgetary constraints. We recognize the new limits facing the College and commend the College for reiterating its commitment to the Harvard Financial Aid Initiative. Likewise, we encourage them to maintain their support of undergraduate life through the continued development of initiatives such as the Student Life Fund and social programming for freshmen, in addition to long-term projects such as House renewal.

While it is very important to help set College priorities, it is unclear what role students will have in keeping a focus on the undergraduate experience in light of fiscal challenges. A major criticism of the UC is its inability to effect change via the bureaucratic channels of University Hall. While this is a fair critique that likely won’t be remedied until the implementation of Dowling II’s Report on College Governance, the perception that we are therefore incapable of improving student life is both defeatist and false. As the sole arbiter of the $75 Student Activities Fee, the UC must be ready to leverage its resources to minimize the impact of the crisis on the lives and activities of undergraduates.

Last term, the Finance Committee ended the year with a small surplus for the first time in recent memory. This year, the UC will need to stretch its budget even more in order to help mitigate the increased burden felt by student groups and house committees as publications find the pool of advertisers shallower and formerly robust corporate sponsors pull out of events they have traditionally funded. However, while it is necessary for the UC to be more judicious with its funding policies and financial management, it is equally essential for student groups to review their own operations conscientiously to help ensure that the UC’s limited budget caters to the interests of everyone.

In the words of Tim Gunn, the student body must “make it work” in order to achieve this aim. The UC must reaffirm its mission to advance student interaction and inter-community learning by maximizing the net benefit of event funding. The UC must strengthen its relationships with other grant-giving bodies, such as the Harvard Foundation, Office for the Arts, and Phillips Brooks House Association to ease student access to Harvard’s many resources. Finally, the UC must prioritize clear communication and simplify avenues for grassroots student input to better inform sensible, productive change in policy and procedure.

If we wish to be successful, student leaders must step up as well. The Presidents’ Forum was founded a few years ago to promote collaboration amongst organizations. Never has that been more crucial to the success of groups on campus than in the upcoming year. It is vital that student groups share the best practices—what works and what does not–in order to avoid duplicate efforts and ultimately save groups money. As a member of FiCom for five semesters, I’ve reviewed roughly 2,500 grants. The best events (in terms of impact and attendance) are often those that utilize the strengths of multiple groups with overlapping interests through co-sponsorships to produce and promote a single event. We live in an environment where the publicity competition between groups saturates the inboxes and dilutes the attention of busy students. Perhaps the most effective way to have a significant and lasting impact on campus culture is for students to work together.

As we move forward, we should feel fortunate that we lost more than most universities will ever have, but we cannot let our privilege lull us into a sense of irresponsible complacency. Even at Harvard, and especially at Harvard, we need to buckle down and be serious about maximizing our available resources. If we can harness the collective talent of our campus community, we may be able to convert this crisis of ¢hange into a catalyst for change.


Anthony R. Britt ’10 is a sociology concentrator in Lowell House. He is the Treasurer of the Undergraduate Council.