Endowment Fund Quotes

Some Americans appear to believe that there would be no arts in America were it not for the National Endowment for the Arts (NEA), an institution created in 1965. They cannot imagine things being done any other way, even though they were done another way throughout our country's existence, and throughout most of mankind's history. While the government requested $121 million for the NEA in 2006, private donations to the arts totaled $2.5 billion that year, dwarfing the NEA budget. The NEA represents a tiny fraction of all arts funding, a fact few Americans realize. Freedom works after all. And that money is almost certainly better spent than government money: NEA funds go not necessarily to the best artists, but to people who happen to be good at filling out government grant applications. I have my doubts that the same people populate both categories.

At Mayflower-Plymouth we aim to employ capital and maximize ROI for central banks, sovereign wealth funds, pension funds, corporations, foundations and endowments, and individual investors around the world.

The new naval treaty permits the United States to spend a billion dollars on warships—a sum greater than has been accumulated by all our endowed institutions of learning in their entire history. Unintelligence could go no further! ... [In Great Britain, the situation is similar.] ... Until the figures are reversed, ... nations deceive themselves as to what they care about most.

It met its target, a remarkable accomplishment, but here’s the thing. According to the 2014 Times Higher Education world rankings (which are generally held to be the most exacting of their type), the University of Virginia ranks 130th among the world’s universities. Eighteen much more modestly funded British universities rank higher. On the world stage, according to the Times Higher, Virginia is about level with Britain’s Lancaster University, which has an endowment fund one-thousandth the size of Virginia’s. That is pretty extraordinary. And

Suppose you are particularly rich and well-to-do, and say on that last day, 'I am very rich; I am tolerably well known; I have lived all my life in the best society, and, thank Heaven, come of a most respectable family. I have served my King and country with honour. I was in Parliament for several years, where, I may say, my speeches were listened to, and pretty well received. I don't owe any man a shilling: on the contrary, I lent my old college friend, Jack Lazarus, fifty pounds, for which my executors will not press him. I leave my daughters with ten thousand pounds a piece--very good portions for girls: I bequeath my plate and furniture, my house in Baker Street, with a handsome jointure, to my widow for her life; and my landed property, besides money in the Funds, and my cellar of well-selected wine in Baker Street, to my son. I leave twenty pound a year to my valet; and I defy any man after I am gone to find anything against my character.' Or suppose, on the other hand, your swan sings quite a different sort of dirge, and you say, 'I am a poor, blighted, disappointed old fellow, and have made an utter failure through life. I was not endowed either with brains or with good fortune: and confess that I have committed a hundred mistakes and blunders. I own to having forgotten my duty many a time. I can't pay what I owe. On my last bed I lie utterly helpless and humble: and I pray forgiveness for my weakness, and throw myself with a contrite heart at the feet of the Divine Mercy.' Which of these two speeches, think you, would be the best oration for your own funeral? Old Sedley made the last; and in that humble frame of mind, and holding by the hand of his daughter, life and disappointment and vanity sank away from under him.

When a brilliant critic and a beautiful woman (that’s my order of priorities, not necessarily those of the men who teach her) puts on black suede spike heels and a ruby mouth before asking an influential professor to be her thesis advisor, is she a slut? Or is she doing her duty to herself, in a clear-eyed appraisal of a hostile or indifferent milieu, by taking care to nourish her real gift under the protection of her incidental one? Does her hand shape the lipstick into a cupid’s bow in a gesture of free will? She doesn’t have to do it. That is the response the beauty myth would like a woman to have, because then the Other Woman is the enemy. Does she in fact have to do it? The aspiring woman does not have to do it if she has a choice. She will have a choice when a plethora of faculties in her field, headed by women and endowed by generations of female magnates and robber baronesses, open their gates to her; when multinational corporations led by women clamor for the skills of young female graduates; when there are other universities, with bronze busts of the heroines of half a millennium’s classical learning; when there are other research-funding boards maintained by the deep coffers provided by the revenues of female inventors, where half the chairs are held by women scientists. She’ll have a choice when her application is evaluated blind. Women will have the choice never to stoop, and will deserve the full censure for stooping, to consider what the demands on their “beauty” of a board of power might be, the minute they know they can count on their fair share: that 52 percent of the seats of the highest achievement are open to them. They will deserve the blame that they now get anyway only when they know that the best dream of their one life will not be forcibly compressed into an inverted pyramid, slammed up against a glass ceiling, shunted off into a stifling pink-collar ghetto, shoved back dead down a dead-end street.

Warren Weaver is not a household name, but he may be the most influential scientist you’ve never heard of, actively shaping three of the most important scientific revolutions of the last century—life sciences, information technology, and agriculture. In 1932 Weaver joined the Rockefeller Foundation to lead the division charged with supporting scientific research. Funding was scarce during the Great Depression, and the Rockefeller Foundation, with an endowment nearly twice the size of Harvard’s at the time, was one of the most important patrons of scientific research in the world. Over his three decades at the Rockefeller Foundation, Weaver acted as a banker, talent scout, and kingmaker to support the nascent field of molecular biology, a term he himself coined. Weaver had an uncanny knack for picking future all-stars. Eighteen scientists won Nobel Prizes for research related to molecular biology in the middle of the century, and Weaver had funded all but three of them.

Non-Tenure Writing Jobs The MLA session on the adjunct crisis indicates where higher education has come to in the Brave New World of the 21st century. Research by the MLA itself, by Gloria McMillan, by Eileen Schell and other colleagues, already confirm the deep replacement of tenure-track faculty with contingent adjuncts and others. This crisis is deepest in composition and in community colleges. Doug Hesse’s program at Denver Univ. is no solution; it will extend the subordination of composition through sub-faculty lines while rationalizing it as “good for students"(before research has even proved it so). But, sub-faculty writing lecturers will never be treated as “real” professors by their institutions and will never be accepted as colleagues by their tenure-track peers. Such sub-faculty plans will weaken the faculty as a whole in the academy by further dividing it into competing sub-groups. Neither will a sub-faculty plan benefit the 14 million undergraduates on campus, most who attend under-funded public colleges with no billion-dollar endowments or corporate angels to turn to. Community colleges, in particular, where about 6 million students are enrolled, can have up to 65% of classes taught by adjuncts. The sub-faculty plan is thus really a management tool available in the short-term to those colleges with deep pockets and deep readiness to entrench a lesser sub-faculty in their writing programs. Doug Hesse acknowledges such an outcome as a possibility. He is quoted in the IHE report saying he was disturbed by the degree of interest other WPAs took in DU’s new sub-faculty writing program, fearing that DU was installing a “Vichy"-type model(collaborating with the authorities desire to de-tenure faculty generally and to subordinate writing instructors particularly). But, Hesse is quoted as making peace with this because he feels that sub-faculty lines for writing teachers are at least good for writing students. Even if we knew for sure this was true, why must writing teachers be the only professionals in higher education called upon to make such sacrifices? A large private grant to finance Denver University’s program($10 million for Hesse’s project)is good fortune for one campus, but it offers no model for how we can solve the national disgrace of exploited adjuncts.

In short, it was entirely natural that the newts stopped being a sensation, even though there were now as many as a hundred million of them; the public interest they had excited had been the interest of a novelty. They still appeared now and then in films (Sally and Andy, the Two Good Salamanders) and on the cabaret stage where singers endowed with an especially bad voice came on in the role of newts with rasping voices and atrocious grammar, but as soon as the newts had become a familiar and large-scale phenomenon the problems they presented, so to speak, were of a different character. (13) Although the great newt sensation quickly evaporated it was replaced with something that was somewhat more solid - the Newt Question. Not for the first time in the history of mankind, the most vigorous activist in the Newt Question was of course a woman. This was Mme. Louise Zimmermann, the manager of a guest house for girls in Lausanne, who, with exceptional and boundless energy, propagated this noble maxim around the world: Give the newts a proper education! She would tirelessly draw attention both to the newts' natural abilities and to the danger that might arise for human civilisation if the salamanders weren't carefully taught to reason and to understand morals, but it was long before she met with anything but incomprehension from the public. (14) "Just as the Roman culture disappeared under the onslaught of the barbarians our own educated civilisation will disappear if it is allowed to become no more than an island in a sea of beings that are spiritually enslaved, our noble ideals cannot be allowed to become dependent on them," she prophesied at six thousand three hundred and fifty seven lectures that she delivered at women's institutes all over Europe, America, Japan, China, Turkey and elsewhere. "If our culture is to survive there must be education for all. We cannot have any peace to enjoy the gifts of our civilisation nor the fruits of our culture while all around us there are millions and millions of wretched and inferior beings artificially held down in the state of animals. Just as the slogan of the nineteenth century was 'Freedom for Women', so the slogan of our own age must be 'GIVE THE NEWTS A PROPER EDUCATION!'" And on she went. Thanks to her eloquence and her incredible persistence, Mme. Louise Zimmermann mobilised women all round the world and gathered sufficient funds to enable her to found the First Newt Lyceum at Beaulieu (near Nice), where the tadpoles of salamanders working in Marseilles and Toulon were instructed in French language and literature, rhetoric, public behaviour, mathematics and cultural history. (15) The Girls' School for Newts in Menton was slightly less successful, as the staple courses in music, diet and cookery and fine handwork (which Mme. Zimmermann insisted on for primarily pedagogical reasons) met with a remarkable lack of enthusiasm, if not with a stubborn hostility among its young students. In contrast with this, though, the first public examinations for young newts was such an instant and startling success that they were quickly followed by the establishment of the Marine Polytechnic for Newts at Cannes and the Newts' University at Marseilles with the support of the society for the care and protection of animals; it was at this university that the first newt was awarded a doctorate of law.

Grant-making bodies have long channeled funds along racial lines. Many black and Hispanic organizations receive crucial funding from the Ford and Rockefeller foundations. A large number of arts councils give both public and private money to ethnic dance, theater, and other arts groups. The National Endowment for the Arts has begun to penalize grantees that do not show enough minority representation.580 The Rockefeller and Ford foundations reportedly plan to phase out their support for traditional European art forms altogether so as to concentrate on non-Western arts.581 Entirely typical of race-based grant-making was the 1990 announcement of a series of gifts by the Boston Foundation. It released $200,000, to be divided among fifteen Boston-area social service organizations for the sole purpose of hiring nonwhite employees.582 The foundation also makes grants for the arts, but only for projects that show “cultural diversity.”583

During Peabody’s last years, the scope of his charity grew dazzling. He endowed a natural history museum at Yale University, an archaeology and ethnology museum at Harvard, and an educational fund for emancipated southern blacks. For this last, he handed over a $1-million batch of defaulted Mississippi and

MMT recognizes that finance is not a limited resource. It is manufactured and created in the act of spending. In the modern world, the exclusive monopoly to issue the currency endows governments with unparalleled spending power. For MMT, that the issuer can spend without technical constraints is a rather trivial observation. What MMT stresses is that taxes and borrowing cannot pre-fund the issuer of the currency, as the currency must be provided before it can be used for tax collections or bond purchases. The substantive question for MMT then is how to deploy this spending power for achieving the two central macroeconomic goals: full employment and price stability.

I love our entrepreneurs. Behavioral economists have a quaint name for this disease: the endowment effect. It is the irrational mindset that assigns a disproportionately high value to what one owns. Investing is supposed to be a cut-and-dried profession where, à la Mr. Spock, fund managers dispassionately enter and exit businesses based on intellect, instinct, or insight. Unfortunately, we fulfill this requirement only for entry and some exits.

I'm just an ordinary person." That, of course, was exactly the appeal of this story. How, indeed, had God been able to use a fellow, with a bad back, a limited education, no sponsorship and no funds, to do things that well-connected, well-endowed people said were impossible? For us and other ordinary people, that was what made Brother Andrew's adventures so intriguing.

Wishes Mindfulness is nevermore a good thing, as any other accident-prone fumbler would accept. No one wants a floodlight when they're likely to stumble on their face. Moreover, I would extremely pointedly be asked- well, ordered really-that no one gave me any presents this year. It seemed like Mr. Anderson and Ayanna weren't the only ones who had decided to overlook that. I would have never had much wealth, furthermore, that had never more disturbed me. Ayanna had raised me on a kindergarten teacher's wage. Mr. Anderson wasn't getting rich at his job, either; he was the police chief here in the tiny town of Pittsburgh. My only personal revenue came from the four days a week I worked at the local Goodwill store. In a borough this small, I was blessed to have a career, after all the viruses in the world today having everything shut down. Every cent I gained went into my diminutive university endowment at SNHU online. (College transpired like nothing more than a Plan B. I was still dreaming for Plan A; however, Marcel was just so unreasonable about leaving me, mortal.) Marcel ought to have a lot of funds I didn't even want to think about how much. Cash was involved alongside oblivion to Marcel or the rest of the Barns, like Karly saying she never had anything yet walked away with it all. It was just something that swelled when you had extensive time on your hands and a sister who had an uncanny ability to predict trends in the stock market. Marcel didn't seem to explain why I objected to him spending bills on me, why it made me miserable if he brought me to an overpriced establishment in Los Angeles, why he wasn't allowed to buy me a car that could reach speeds over fifty miles an hour, approximately how? I wouldn't let him pay my university tuition (he was ridiculously enthusiastic about Plan B.) Marcel believed I was being gratuitously difficult. Although, how could I let him give me things when I had nothing to retaliate amidst? He, for some amazing incomprehensible understanding, wanted to be with me. Anything he gave me on top of that just propelled us more out of balance. As the day went on, neither Marcel nor Olivia brought my birthday up again, and I began to relax a little. Then we sat at our usual table for lunch. An unfamiliar kind of break survived at that table. The three of us, Marcel, Olivia, including myself hunkered down on the steep southerly end of the table. Now that is ‘superb’ and scarier (in Emmah's case, unquestionably.) The Natalie siblings had finished. We were gazing at them; they're so odd, Olivia and Marcel arranged not to seem quite so intimidating, and we did not sit here alone. My other compatriots, Lance, and Mikaela (who were in the uncomfortable post-breakup association phase,) Mollie and Sam (whose involvement had endured the summertime...) Tim, Kaylah, Skylar, and Sophie (though that last one didn't count in the friend category.) Completely assembled at the same table, on the other side of an interchangeable line. That line softened on sunshiny days when Marcel and Olivia continuously skipped school times before there was Karly, and then the discussion would swell out effortlessly to incorporate me.

That, of course, was exactly the appeal of his story. How, indeed, had God been able to use a fellow with a bad back, a limited education, no sponsorship and no funds, to do things that well-connected, well-endowed people said were impossible? For us

over half of U.S. households are vested in the stock market (though it should be said that the richest 10 percent of families own over 80 percent of the total value of all stocks). We are the shareholders, we lucky 53 percent who have a pension, a 401(k), a 403(b), or any other kind of investment—or we who have parents using 529 plans to fund our education or are enrolled in universities whose endowments pay for residential dormitories and study abroad trips. Don’t we benefit when we see our savings go up and up, even when those returns require a kind of human sacrifice?

The United States became one of the world’s most religious nations because of religious liberty, which is to say competition for acolytes, not state funding or large endowments.

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in 2005, the Olin Foundation had supported eleven separate programs at Harvard, burnishing the foundation’s name and ideas and proving that even the best-endowed American university would allow an outside, ideological group to build “beachheads,” so long as the project was properly packaged and funded.

Although Saudi authorities promised after the September 11 attacks to revise textbooks that taught hatred against Jews and Christians, as late as 2006 Saudi texts still referred to Jews as “apes” and Christians as “swine.”27 And in April 2008 a British employment tribunal awarded 70,000 pounds ($115,000) to a teacher who had been fired from a Saudi-funded Islamic school for exposing that the school’s textbooks spoke of “the repugnant characteristics of the Jews” and asserted, “Those whom God has cursed and with whom he is angry, he has turned into monkeys and pigs. They worship Satan.”28 There is an endless parade of similar examples. In March 2004 Sheikh Ibrahim Mudayris, speaking on official Palestinian Authority television, railed against “the Jews today taking revenge for their grandfathers and ancestors, the sons of apes and pigs.”29 And during the swine flu scare in May 2009, Sheikh Ahmad ‘Ali ‘Othman, the superintendent of da’wa [Islamic proselytizing] affairs at the Egyptian Ministry of Religious Endowments, declared that “all pigs are descended from the Jews whom Allah transformed into apes, swine and worshippers of Satan, and must therefore be slaughtered.” Othman based his argument on Koran 5:60, one of the Koran’s notorious “apes and pigs” passages.30 In his televised sermon denouncing the Jews regardless of their actions in Israel or elsewhere, Muhammad Hussein Ya’qoub also invoked this theme: “As for you Jews—the curse of Allah upon you. The curse of Allah upon you, whose ancestors were apes and pigs. . . . Allah, we pray that you transform them again, and make the Muslims rejoice again in seeing them as apes and pigs. You pigs of the earth! You pigs of the earth! You kill the Muslims with that cold pig [blood] of yours.”31 Jews as apes and pigs: it’s in the Koran, holy book of the religion of peace.

The period 1820–1850 was one of extremes in the development of education. Incompetent trustees of academy endowments frittered away assets; visionary legislatures set up educational funds, only to raid them for any emergency which arose; forward-looking men wagged an admonishing finger at those in places of responsibility; Governors addressed legislatures, and the press at times vigorously argued in behalf of the uneducated masses. Meanwhile, religious denominations were establishing or getting control of colleges, seminaries, and academies throughout the State; but this contributed little if anything to elementary education.

Bundy sternly tool his fellow endowment fund managers to task - not for being too bold, but for being insufficiently so: We have the preliminary impression that over the long run caution has cost our colleges and universities much more than imprudence or excessive risk-taking.

1. Superrich individuals with multigenerational wealth and institutional investors (investors who are managing huge assets that represent, e.g., a corporation’s or state government’s retirement fund for its employees or an endowment at a university). 2. Reasonably well-off people 3. People who are getting by 4. Struggling individuals (the working poor)

In 1992, as we sought to establish our permanent terrestrial campus, we put out an RFP (request for proposals) that basically said, “Hi there, we’re ISU. We have this concept for a permanent campus. We’ve held five summer programs in five different cities, and this is our vision for what we want to create and where we want to go. Please tell us how much cash endowment, buildings, and operational money you will give us to bring our vision to your city.” Had we gotten no response at all, I would not have been surprised. But that wasn’t the case. Within six months, we received seven proposals ranging from $20 million to $50 million in funding, buildings, faculty, equipment, and even the promise of accreditation. In short, everything we needed to implement the next phase of ISU.

Hear David Swensen, widely respected chief investment officer of the Yale University Endowment Fund. “A minuscule 4 percent of funds produce market-beating after-tax results with a scant 0.6 percent (annual) margin of gain. The 96 percent of funds that fail to meet or beat the Vanguard 500 Index Fund lose by a wealth-destroying margin of 4.8 percent per annum.

Norway also benefited enormously from windfall taxes from oil but unlike Britain, Norway invested much of its good fortune in an endowment.2 Today, this endowment has grown over time to be worth an extraordinary $720 billion, making it the world’s largest sovereign wealth fund and providing a cushion against unknown future scenarios.

What if you want the payouts to continue “forever,” as you might for an endowment? Computer simulations showed me that with the best long-term investments, such as stocks and commercial real estate, annual future spending should be limited to the inflation-adjusted level of 2 percent of the original gift. This surprisingly conservative figure assumes that future investment results will be similar in risk and return to US historical experience. In that case, the chance that the endowment is never exhausted turns out to be 96 percent. The 2 percent spending limit is so low because, if the fund is sharply reduced in its early years by a severe market decline, a higher spending requirement might wipe it out.

It took Valentine a year and a half to raise $5 million for his first fund.[18] But in the end he succeeded by tapping pools of capital that enjoyed charitable status: the universities and endowments that escaped not only regulation but also capital-gains tax. The Ford Foundation came in first, later to be joined by Yale, Vanderbilt, and eventually Harvard; ironically, the Ivy League investment bosses showed a greater open-mindedness about a gruff Fordham graduate than many alumni could muster. In so doing, the endowments set in motion one of the great virtuous cycles of the American system. Venture capitalists backed knowledge-intensive startups, and some of the profits flowed to research institutions that generated more knowledge.[19

Mindfulness is nevermore a good thing, as any other accident-prone fumbler would accept. No one wants a floodlight when they're likely to stumble on their face. Moreover, I would extremely pointedly be asked- well, ordered really-that no one gave me any presents this year. It seemed like Mr. Anderson and Ayanna weren't the only ones who had decided to overlook that. I would have never had much wealth, furthermore, that had never more disturbed me. Ayanna had raised me on a kindergarten teacher's wage. Mr. Anderson wasn't getting rich at his job, either; he was the police chief here in the tiny town of Pittsburgh. My only personal revenue came from the four days a week I worked at the local Goodwill store. In a borough this small, I was blessed to have a career, after all the viruses in the world today having everything shut down. Every cent I gained went into my diminutive university endowment at SNHU online. (College transpired like nothing more than a Plan B. I was still dreaming for Plan A; however, Marcel was just so unreasonable about leaving me, mortal.) Marcel ought to have a lot of funds I didn't even want to think about how much. Cash was involved alongside oblivion to Marcel or the rest of the Barns, like Karly saying she never had anything yet walked away with it all. It was just something that swelled when you had extensive time on your hands and a sister who had an uncanny ability to predict trends in the stock market.

In 1927, the school started by the Africans, then known as the “Plateau Normal and Industrial Institute for the Education of the Head, Heart and Hands of the Colored Youth,” received a grant from the Rosenwald Fund to build a new, much larger school, with ten classrooms and living quarters for ten teachers. The fund was the brainchild of Booker T. Washington and Julius Rosenwald, the CEO of Sears, Roebuck and Co. The pair met in Chicago in 1911, after Rosenwald attended a speech by Washington. Rosenwald, whose fortune would have ranked him as a billionaire by today’s standards, was looking for a philanthropic cause to answer what he believed were “the special duties that capitalists and men of wealth owed to society.” Rosenwald provided an endowment for Washington’s Tuskegee Institute and embraced Washington’s dream of funding schools across the South to teach what the educator described as “industrial education.

In all, by the time it closed its doors in 2005, the Olin Foundation had supported eleven separate programs at Harvard, burnishing the foundation's name and ideas and proving that even the best-endowed American university would allow an outside, ideological group to build "beachheads," so long as the project was properly packaged and funded.

In the past year, a new divestment campaign has caught on, faster than any other such campaign in history, according to a recent Oxford university study. Investors representing more than $2.5tn in assets under management, including the Rockefeller Brothers Fund, Norway’s giant oil fund and the Church of England (whose archbishop is a former oil executive) have all joined the chorus saying sayonara to their dirtiest fossil fuel investments. They reason this is not about biting the hand that fed them; rather, it is about morality and economics. It is about the morality of not standing on the sidelines of climate change, “the most pressing moral issue in our world” in the words of the lead bishop on the environment for the Church of England. It is also about the economics of not getting stuck holding a bag of stranded fossil fuel assets that cannot be burnt if the world is to adhere to a given carbon budget, a topic on which Mark Carney, governor of the Bank of England, has expressed concerns. And it is about not missing out on the transition from a high-carbon to a low-carbon economy. The president of Harvard University, whose endowment is estimated to have a carbon footprint as big as that of Jamaica, is not convinced. As Drew Faust argues, constraining investment options risks significantly constraining investment returns, while divestment is unlikely to have a financial impact on the affected companies. It also raises the troubling problem of boycotting a whole class of companies whose products and services we rely on.

There’s an American endowment to help displaced Armenians, and they will be funding our children’s education.” “The Americans have always helped us,” Şiranus said. “God bless them.

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