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To: JDN who wrote (9161)	7/13/2006 9:16:14 AM
From: Proud_Infidel	Respond to of 14758

Summers's Supporters Withhold $390 Million From Harvard WSJ ^ \| July 13, 2006 \| ZACHARY SEWARD The fallout from Lawrence H. Summers's resignation as president of Harvard University has now hit the school's pocketbook, impairing the largest fund-raising operation in higher education. At least four major donations to Harvard, totaling $390 million, have been scrapped or put on hold since Mr. Summers announced his resignation in February, according to people familiar with the matter... A Harvard official wouldn't comment on specific donations. "It is quite normal in situations of leadership transition in any not-for-profit organization for donors who are considering very major gifts to wait for a new leader to be in place before finalizing and announcing a major commitment," said Donella Rapier, Harvard director of development... Three of the withheld gifts would have been the largest in Harvard's history. They included $100 million from media mogul Mortimer Zuckerman to fund a neuroscience institute that has generated intense interest among Harvard researchers, and $100 million from Richard A. Smith, a former member of Harvard's governing board... At least one of the contributions was to be announced this spring: $75 million from David Rockefeller, the banker and philanthropist, to fund study-abroad trips for every Harvard undergraduate in need of financial assistance, a key element in Mr. Summers's plan to expand Harvard's global scope. Instead, Mr. Rockefeller downgraded his gift to $10 million... Also, as previously reported, Oracle Chief Executive Larry Ellison recently reneged on a $115 million gift, citing Mr. Summers's departure. The lost contributions amount to two-thirds of what Harvard raised in fiscal 2005, when the school was the third-largest fund-raiser in higher education... Even for Harvard, which led all U.S. universities with a $25.9 billion endowment as of June 30, 2005, the loss of such huge gifts could be seen as a significant setback... online.wsj.com