- The Washington Times - Tuesday, September 19, 2006

BOSTON (AP) — Harvard University’s endowment rose by 16.7 percent to $29.2 billion in its latest fiscal year, extending its longtime growth despite recent changes in management.

The endowment’s value at the end of June, the end of its fiscal year, compares with $25.9 billion in mid-2005, university officials said yesterday.

Harvard depends on its endowment — a combination of about 11,000 individual funds — for a large portion of its annual expenses. In the fiscal 2006, nearly a third of its operating budget, or more than $930 million, came from the university’s endowment.

Last year, Harvard named Mohamed El-Erian, a specialist in emerging market debt, as chief executive of Harvard Management Co. Mr. El-Erian succeeded Jack Meyer, who helped dramatically grow Harvard’s endowment from $4.7 billion in 1990.

A study released in January by the National Association of College and University Business Officers ranked Harvard as the richest university in the nation, far outpacing second-place Yale, which had a $15.2 billion endowment.

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