A faculty of approximately 2,160 professors, lecturers, and instructors serve as of school year 2008-09, with 6,715 undergraduate and 12,424 graduate students. The school color is crimson, which is also the name of the Harvard sports teams and the daily newspaper, The Harvard Crimson. The color was unofficially adopted (in preference to magenta) by an 1875 vote of the student body, although the association with some form of red can be traced back to 1858, when Charles William Eliot, a young graduate student who would later become Harvard's 21st and longest-serving president (1869–1909), bought red bandanas for his crew so they could more easily be distinguished by spectators at a regatta.
Harvard has a friendly rivalry with the Massachusetts Institute of Technology, which dates back to 1900 when a merger of the two schools was frequently discussed and at one point officially agreed upon (ultimately canceled by Massachusetts courts). Today, the two schools cooperate as much as they compete, with many joint conferences and programs, including the Harvard-MIT Division of Health Sciences and Technology, the Broad Institute, the Harvard-MIT Data Center and formerly the Dibner Institute for the History of Science and Technology. In addition, students at the two schools can cross-register in undergraduate or graduate classes without any additional fees, for credits toward their own school's degrees.
Organizations
Governing bodies
Harvard is governed by two boards, one of which is the President and Fellows of Harvard College, also known as the Harvard Corporation, founded in 1650, and the other is the Harvard Board of Overseers. The President of Harvard University is the day-to-day administrator of Harvard and is appointed by and responsible to the Harvard Corporation. There are 16,000 staff and faculty.
Faculties and schools
Harvard today has nine faculties, listed below in order of foundation:
- The Faculty of Arts and Sciences and its sub-faculty, the School of Engineering and Applied Sciences, which together serve:
- The Harvard Medical School (1782)
- The Harvard School of Dental Medicine (1867).
- Harvard Divinity School (1816)
- Harvard Law School (1817)
- Harvard Business School (1908)
- The Graduate School of Design (1914)
- The Harvard Graduate School of Education (1920) The School of Public Health (1922)
- Harvard Kennedy School of Government (1936)
In 1999, the former Radcliffe College was reorganized as the Radcliffe Institute for Advanced Study.
Ina February 2007, the Harvard Corporation and Overseers formally approved the Harvard Division of Engineering and Applied Sciences to become the 14th School of Harvard (Harvard School of Engineering and Applied Sciences).
The Real Colegio Complutense at Harvard (Cambridge, Massachusetts): The RCC was founded as a joint cooperative institution to foster intellectual and scientific interaction between Harvard University and Complutense, with the support of HM King Juan Carlos I, HM Queen Sofia of Spain and the Commonwealth of Massachusetts. The RCC accord is the only one of its sort ever to have been approved by Harvard. The institution is directed jointly by the President of Harvard and the Rector of Complutense University, with an academic council formed by 5 Harvard professors and 5 Complutense professors. It permits a select number of Complutense professors to conduct their research at Harvard as Visiting Scholars. RCC Fellows enjoy the same privileges as Harvard's non-tenured Faculty. Each year the institution hosts the RCC Fellows Lectures, a conference cycle during which the Visiting Scholars deliver lectures revealing the results of their investigations to an audience of Harvard professors and students. Finally, it also permits a small number of students to attend doctoral school at the University as Research Associates, under scholarships hosted by the Spanish Royal Family.
Endowment
Harvard has the largest university endowment in the world. At the end of June 2009, it was worth $25.7 billion, about 30% less than at the same time in 2008. In December 2008, Harvard announced that its endowment had lost 22% (approximately $8 billion) in the period July to October 2008, which would necessitate budget cuts. Later reports suggest the loss was actually more than double that figure, (Forbes in March 2009 suggesting the loss might be in the range of $12 billion) suggesting Harvard had lost nearly 50% of its endowment in the first four months alone. One of the most visible results of Harvard's trying to rebalance its budget is by halting the construction of the $1.2 billion Allston Science Complex that was scheduled to be complete by 2011. This stoppage resulted in protests from local residents.
Large endowments like Harvard's have been criticized for "hoarding" money. Most philanthropies are required by federal law to distribute 5% of their assets per year, but university endowments are not required to spend anything. Many universities with very large endowments would require less than 5% to pay full tuition for all their students. For example, it has been estimated that if in 2006 all the Harvard students paid the maximum in tuition and fees, it would amount to less than $300 million. In 2007, if Harvard had spent 5% of its $34.6 billion endowment, all Harvard undergraduate and graduate students could attend for free and the university would still have $1.3 billion left over. It would require less than 1% of the endowments of Harvard and Yale to allow all students to attend tuition-free; Stanford, MIT, Princeton and Rice would require less than 2% of their endowments and 29 schools would require less than 3% for all their students to attend tuition-free. Despite the decreasing values of endowments, congressmen, including Charles Grassley, have questioned whether the endowments are contributing enough to maintain their tax-exempt status. Peter Hotez of George Washington University has claimed that pharmaceutical companies are contributing more to the poorest people than are wealthy universities.
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