first_imgHarvard University’s endowment earned an investment return of 11 percent for the year and was valued at $27.6 billion as of June 30. The return was 160 basis points above what would have been earned by the Harvard Management Company’s (HMC) benchmark policy portfolio.“Fiscal year 2010 was an important and productive year for the Management Company,” said Jane Mendillo, president and CEO of HMC. “We generated strong returns and improved the flexibility of the portfolio while actively managing our risks and pursuing innovative investment strategies.”The University’s endowment provides critical funding for Harvard’s educational and research objectives. In fiscal 2010, distributions from the endowment contributed more than a third of the University’s operating budget. Endowment income supports Harvard’s academic programs, science and medical research, and student financial aid programs, which permit the University to admit qualified students regardless of their ability to pay. Harvard’s endowment also enables the University to undertake specific activities that donors have supported over time, targeted to areas such as financial aid, faculty salaries, and facilities maintenance.The University remains committed to supporting financial aid for undergraduates, which is expected to increase about 7 percent for fiscal 2011. More than 60 percent of Harvard undergraduates are receiving need-based scholarship aid this year, totaling $158 million, and two-thirds now graduate debt-free. Throughout Harvard, scholarships and awards to students from University funds have almost tripled over the past decade, reaching $340 million. The College’s industry-leading financial aid policies are designed to make Harvard more affordable for families across the economic spectrum and have remained firmly in place despite the current economic downturn.Over the long term, HMC has produced strong investment returns for the Harvard portfolio. The average annual return on the endowment over the last 20 years has been 11.9 percent, and 7 percent over the last decade. HMC returns charted over both 10 and 20 years have outpaced a typical 60/40 stock/bond portfolio, the TUCS median fund, and HMC’s own policy portfolio benchmark. On average over the last decade, HMC has added 5.1 percent annually over and above the 60/40 portfolio, 3.6 percent over the TUCS median fund, and 3.3 percent over the policy portfolio.The endowment’s total value is affected by several factors each year, including investment returns, new contributions, and the annual payout for University programs. The endowment stood at $26 billion on June 30, 2009.The endowment is not a single fund, but more than 11,000 individual funds, many of them restricted to specific uses such as support of a research center or creation of a professorship in a particular subject. The funds are invested by HMC, which oversees the University’s endowment, pension, trust funds, and other investments at a significant cost savings compared with outside management.last_img read more

first_img FacebookTwitterLinkedInEmailPrint分享The Salt Lake Tribune:Completing a shift to renewable energy, Kennecott Utah Copper will shut down its last coal-fired power plant in Magna, shrinking its carbon footprint by as much as 65% — a total of more than 1 million tons of carbon dioxide a year, according to its owners.Rio Tinto, Kennecott’s corporate parent, announced Wednesday that power to the copper producer will come from 1.5 million megawatt hours of renewable energy certificates purchased from Rocky Mountain Power, which will be primarily sourced from its Utah-allocated portfolio, including wind power generated in Wyoming.The move formalizes a transition that has been underway at Kennecott Utah Copper, which mines and processes copper ore at its vast industrial network on the west side of the Salt Lake Valley, for the past several years, according to spokesman Kyle Bennett.“This ensures we are offsetting the electrical demand we use across our Utah operations with certified renewable energy certificates,” Bennett said. “Rio Tinto wants to be carbon neutral by 2050. Every operation within the portfolio would have to look at ways to achieve that.”Kennecott’s 75-megawatt Unit 4, added in 1960 and idled for the past two years, is the last coal-fired power plant on Utah’s crowded Wasatch Front and perhaps the oldest in Utah.More: Good news for Salt Lake Valley’s air: Kennecott to close its last coal plant, shift to renewable energy Kennecott to close its last coal plant in Utah, switch to renewable energylast_img read more

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Support for H.R. 1188, a bill introduced by Reps. Ed Royce, R-Calif., and Greg Meeks, D-N.Y., to raise the member business lending cap to 27.5 percent of assets for eligible institutions, was urged by NAFCU Monday in a letter to House leaders that was shared with all U.S. House members.In the letter, sent to House Speaker John Boehner, R-Ohio, and Democratic Leader Nancy Pelosi, D-Calif., NAFCU Vice President of Legislative Affairs Brad Thaler said H.R. 1188, the “Credit Union Small Business Jobs Creation Act,” would “help provide $13 billion to America’s small businesses and create over 140,000 new jobs.”“H.R. 1188 is a viable way to enable credit unions to assist our nation’s small businesses with their lending needs,” said Thaler.Introduced Monday, H.R. 1188 is similar to a bill offered last Congress by Royce and Rep. Carolyn McCarthy, D-N.Y. It would allow the NCUA Board to approve an application by an insured credit union for a 27.5 percent MBL cap under certain conditions.  Among those: continue reading »last_img read more

first_imgThe Osijek-Baranja County Tourist Board presented a new tourist promotional film – The Art of Travel, in which the narrator takes us through the tourist story of the Osijek-Baranja County through 04:11 minutes.The new promotional video was recorded in both the English and German versions, and later short videos will be easily extracted from the entire material.ENG versionNJEM version In the meantime, there is no need to worry about it. ”last_img

first_imgCurie Head Coach Michael Oliver (You Tube Photo)CHICAGO (AP) — Chicago Curie Metropolitan High School’s basketball team, ranked among the best in the nation, has forfeited this year’s games because several players were academically ineligible to compete, public schools officials announced Friday.Chicago Public Schools said seven players on Curie’s 24-1 varsity team were ineligible from the start of the 2013-14 season. Student athletes in the district must maintain a 2.0 GPA to participate in sports, or have an individual study plan in place to help them improve academically.District CEO Barbara Byrd-Bennett says Curie’s head coach Michael Oliver has been suspended.“As adults, educators and mentors, it is our responsibility to teach our students right from wrong and, unfortunately, the adults let these student athletes down by failing to do that and comply with CPS policies,” Byrd-Bennett said in a statement.In addition to regular season games, Curie will forfeit this year’s Chicago high school championship, earned with a win over Whitney Young High School. The title will remain vacant.Chicago Public Schools revealed it was investigating Curie hours before the school, ranked No. 1 in basketball in Illinois and No. 2 in the country, competed against Young for the city title on Feb. 21.The game, which Curie won in four overtimes, drew national attention because two players, Young’s Jahlil Okafor and Curie’s Cliff Alexander, are considered by some to be the best in the nation.Curie may still be allowed to compete for a state championship. That’s because the Illinois High School Association has different requirements for eligibility. Students must pass five courses and achieve a minimum of 2.5 credits at the time of the tournament, district officials said.IHSA Executive Director Marty Hickman said in a statement that the organization is still reviewing the district’s report on the investigation, and it will be in a position to make a decision by Monday.last_img read more