Harvard Management Company (HMC), a wholly-owned subsidiary established in 1974, manages Harvard University’s $56.9 billion endowment (as of FY2025). HMC invests over 14,000 individual funds as a single entity to support university operations, research, and financial aid, providing over one-third of the annual operating budget.
Key Aspects of Management:
Leadership:N.P. "Narv" Narvekar has served as CEO since December 2016, overseeing investment strategy.
Investment Strategy: HMC utilizes a generalist model, breaking down silos to seek the best risk-adjusted returns across the global portfolio, moving away from strict asset class silos to focus on total portfolio risk and alpha/beta exposure.
Endowment Purpose: The funds provide financial aid, fund professorships, and support research. In 2025, the endowment distributed significant funds to support a $414 million financial aid record.
Distribution Policy: The university dictates an annual distribution from the endowment to the operating budget designed to be stable, predictable, and maintain the long-term value of assets against inflation.
Recent Developments (2025):
Financial Context: For FY2025, Harvard reported an operating deficit of $113 million on $6.7 billion in revenue, with net assets growing to $68.7 billion.
Federal Funding Challenges: In 2025, Harvard faced a, at times, frozen status of over $2 billion in federal funding/grants amid disputes with the Trump administration regarding campus anti-semitism, prompting lawsuits from the university.
Heightened Scrutiny: The U.S. Department of Education placed Harvard on "heightened cash monitoring" in Sept 2025, requiring the university to use its own funds to pay student aid before seeking reimbursement.
The history of toilets in Islamic countries is characterized by a strong, early emphasis on hygiene, privacy, and water-based cleansing, largely driven by religious imperatives.
Ancient & Early Islamic Period (Pre-7th–10th Century)
Religious Foundation: Islamic law (Sharia) mandates specific hygiene etiquette (Qaḍāʾ al-Ḥāja), requiring cleaning private parts with water (usually left hand) after using the toilet.
Early Infrastructure: In many pre-Islamic and early Islamic civilizations, such as in the Indus Valley and parts of the Middle East, toilets were integrated with drainage systems.
The "Water" Requirement: Historically, public and private toilets in the Islamic world often featured a nearby water source, such as a jug (lota or budna), designed for anal cleansing.
The Islamic Golden Age (8th–13th Century)
Advanced Sanitary Facilities: Public bathhouses (hammams) spread, and cities like Baghdad and Damascus boasted high levels of public sanitation, including public toilets and sewer systems.
Innovations: Some accounts suggest early forms of flush toilets or enhanced water drainage systems were present in parts of the Mamluk and Seljuk empires.
Ottoman Period (14th–20th Century)
The "Alla Turca" Toilet: The squat-style toilet (known as alla turca or Turkish toilet) became standard. It was seen as more hygienic than sitting toilets because it avoids contact with a dirty seat and provides better anatomical alignment for waste removal.
Private Rooms: Traditionally, these toilets were located outside the main living areas of the home to keep the living spaces pure.
Modern Era (20th Century–Present)
Bidet Sprayers: While squat toilets remain common, particularly in public spaces and rural areas, many urban households in the Middle East have adopted Western-style sitting toilets.
Adaptation: The modern Western-style toilet was adapted to meet Islamic requirements with the addition of a hand-held sprayer, often referred to as a "Muslim shower," "shattaf," or a personal bidet.
Continued Usage: Water remains the preferred method of cleansing, often combined with toilet paper for drying.
Key Historical Rules
Orientation: Islamic etiquette encourages not facing or turning one's back toward the Qiblah (Mecca) when using the toilet.
Hand Specificity: The left hand is traditionally used for washing, and the right hand is reserved for eating or greeting.
