Population
64-636: Boston–Cambridge–Newton, MA–NH MSA Other Statistical Areas in Boston CSA Greater Boston is the metropolitan region of New England encompassing the municipality of Boston , the capital of the U.S. state of Massachusetts and the most populous city in New England, and its surrounding areas. The most stringent definition of the region, used by the Metropolitan Area Planning Council, consists of most of
128-517: A private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges , universities , and private schools ); cultural institutions (e.g., museums, libraries, and theaters); service organizations (e.g., hospitals, retirement homes;
192-516: A 30% annualized loss that was more than predicted in December 2008. At Stanford University , the endowment was reduced from $ 17 billion to $ 12 billion as of September 2009. Brown University 's endowment fell 27 percent to $ 2.04 billion in the fiscal year that ended June 30, 2009. George Washington University lost 18% in that same fiscal year, down to $ 1.08 billion. In Canada, after the financial crisis in 2008, University of Toronto reported
256-453: A building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. The donated assets may be held by a charitable trust . Ibn Umar reported, Umar Ibn Al-Khattab got land in Khaybar , so he came to the prophet Muhammad and asked him to advise him about it. The Prophet said, 'If you like, make the property inalienable and give
320-452: A given metropolitan area will vary between sources. The statistical criteria for a standard metropolitan area were defined in 1949 and redefined as a metropolitan statistical area in 1983. Due to suburbanization, the typical metropolitan area is polycentric rather than being centered around a large historic core city such as New York City or Chicago . Some metropolitan areas include more than one large historic core city; examples include
384-419: A loss of 31% ($ 545 million) of its previous year-end value in 2009. The loss is attributed to over-investment in hedge funds. Critics like Justice Funders' Dana Kawaoka-Chen call for "redistributing all aspects of well-being, democratizing power, and shifting economic control to communities.". Endowment repatriation refers to campaigns that acknowledge the history of human and natural resource exploitation that
448-633: A man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him. The two oldest known waqfiya (deed) documents are from the 9th century, while a third one dates from the early 10th century, all three within the Abbasid Period. The oldest dated waqfiya goes back to 876 CE, concerns a multi-volume Qur'an edition and is held by the Turkish and Islamic Arts Museum in Istanbul . A possibly older waqfiya
512-583: A mandatory part of a fellowship. A foundation (also a charitable foundation) is a category of nonprofit organization or charitable trust that will typically provide funding and support for other charitable organizations through grants, but may engage directly in charitable activities. Foundations include public charitable foundations, such as community foundations , and private foundations which are typically endowed by an individual or family. The term foundation though may also be used by organizations not involved in public grant-making. A financial endowment
576-473: A number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed scholarships or fellowships. The practice of endowing professorships began in the modern European university system in England on September 8, 1502, when Lady Margaret Beaufort , Countess of Richmond and grandmother to
640-429: A particular subject are common; in some places, a donor could fund a trust exclusively for the support of a pet. Ignoring the restriction is called " invading " the endowment. But change of circumstance or financial duress like bankruptcy can preclude carrying out the donor's intent. A court can alter the use of restricted endowment under a doctrine called cy-près meaning to find an alternative "as near as possible" to
704-451: A portion of the initial endowment after self-initiated research into the foundation's financial support of Native and Indigenous artists and communities. This results of this research indicated "the inadequacy of philanthropic support for Native arts and artists", related feedback from an unnamed Native leader that "[o]nce [big foundations] put the stuff in place for an Indian program, then it is not usually funded very well. It lasts as long as
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#1732797319041768-452: A prince or monarch and their role in training government officials made early Mediterranean universities similar to Islamic madrasas , although madrasas were generally smaller, and individual teachers, rather than the madrasa itself, granted the license or degree. Waqf ( Arabic : وَقْف ; [ˈwɑqf] ), also known as 'hubous' (حُبوس) or mortmain property, is a similar concept from Islamic law , which typically involves donating
832-478: A private prison that was directly contrary to the foundation's mission, they developed and then began to advocate for a four-part ethical framework to endowment investments conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital. Another example is the Ford Foundation 's co-founding of the independent Native Arts and Culture Foundation in 2007. The Ford Foundation provided
896-537: A regulation for public comment that would increase the minimum population needed for an urban area population to be a metropolitan statistical area to be increased from 50,000 to 100,000. It ultimately decided to keep the minimum at 50,000 for the 2020 cycle. On July 21, 2023, the Office of Management and Budget released revised delineations of the various CBSAs in the United States. The Census Bureau created
960-606: A set of core based statistical areas (CBSAs) throughout the country, which are composed of counties and county equivalents . CBSAs are delineated on the basis of a central contiguous area of relatively high population density, known as an urban area . The counties containing the core urban area are known as the "central counties" of the CBSA; these are defined as having at least 50% of their population living in urban areas of at least 10,000 in population. Additional surrounding counties, known as "outlying counties", can be included in
1024-900: A single CBSA when the central county or counties of one CBSA qualify as an outlying county or counties to the other CBSAs. One or more CBSAs may be grouped together or combined to form a larger statistical entity known as a combined statistical area (CSA) when the employment interchange measure (EIM) reaches 15% or more. CBSAs are subdivided into MSAs (formed around urban areas of at least 50,000 in population) and micropolitan statistical areas (μSAs), which are CBSAs built around an urban area of at least 10,000 in population but less than 50,000 in population. Some metropolitan areas may include multiple cities below 50,000 people, but combined have over 50,000 people. Previous terms that are no longer used to describe these regions include "standard metropolitan statistical area" (SMSA) and "primary metropolitan statistical area" (PMSA). On January 19, 2021, OMB submitted
1088-408: A specific purpose according to the will of its founders and donors . Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. Endowments are often governed and managed either as a nonprofit corporation , a charitable foundation , or
1152-671: Is a papyrus held by the Louvre Museum in Paris , with no written date but considered to be from the mid-9th century. The earliest known waqf in Egypt, founded by financial official Abū Bakr Muḥammad bin Ali al-Madhara'i in 919 (during the Abbasid period ), is a pond called Birkat Ḥabash together with its surrounding orchards, whose revenue was to be used to operate a hydraulic complex and feed
1216-594: Is defined as a New England City and Town Area . The metro area definition is based on counties, while the NECTA definition is based on city and town boundaries. Counties included in the county-based definition include: The NECTA definition includes all of the communities from the MAPC definition, as well as the Merrimack Valley communities, parts of southern New Hampshire (northward to Milford and Hampton , and
1280-465: Is inherent to many large private funds. Repatriation campaigns ask for private endowments to be returned to the control of the people and communities that have been most affected by labor and environmental exploitation and often offer ethical frameworks for discussing endowment governance and repatriation. Many might say that, by definition, philanthropy is about redistributing resources. Yet to truly embody this principle, philanthropy must move far beyond
1344-525: Is now known as medicine and basic sciences. Today, the University of Glasgow has fifteen Regius Professorships. Private individuals also adopted the practice of endowing professorships. Isaac Newton held the Lucasian Chair of Mathematics at Cambridge beginning in 1669, more recently held by the celebrated physicist Stephen Hawking . In the United States, the endowment is often integral to
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#17327973190411408-546: Is the region administered by the Metropolitan Area Planning Council. The MAPC is a regional planning organization created by the Massachusetts legislature to oversee transportation infrastructure and economic development concerns in the Boston area. The MAPC includes 101 cities and towns that are grouped into eight subregions. These include most of the area within the region's outer circumferential highway, I-495 . In 2013,
1472-541: Is the second wealthiest private foundation , with an endowment of $ 67.3 billion. Most private endowments in the United States are governed by the Uniform Prudent Management of Institutional Funds Act which is based in part on the concept of donor intent that helps define what restrictions are imposed on the principal and earnings of the fund. Endowments in the United States are commonly categorized in one of three ways: All endowments ensure that
1536-403: Is typically overseen by a board of trustees and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment. In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending. Any excess earnings are typically reinvested to augment
1600-642: The American Revolution . Plymouth was the site of the first colony in New England, founded in 1620 by the Pilgrims , passengers of the Mayflower . In 1692, the town of Salem and surrounding areas experienced one of America's most infamous cases of mass hysteria , the Salem witch trials . In the late 18th century, Boston became known as the "Cradle of Liberty" for the agitation there that led to
1664-478: The American Revolution . The Greater Boston region has played a powerful scientific, commercial, and cultural role in the history of the United States. Before the American Civil War , the region was a center for the abolitionist , temperance , and transcendentalist movements. In 2004, Massachusetts became the first U.S. state to legally recognize same-sex marriage as a result of the decision of
1728-704: The Dallas–Fort Worth metroplex , Virginia Beach–Norfolk–Newport News (Hampton Roads) , Riverside–San Bernardino (Inland Empire) , and Minneapolis–Saint Paul (Twin Cities) . MSAs are defined by the Office of Management and Budget (OMB), which is part of the Executive Office of the President , and are used by the U.S. Census Bureau and other U.S. federal government agencies for statistical purposes. The U.S. Office of Management and Budget defines
1792-726: The Köppen climate classification system), with high humidity and precipitation year-round. Greater Boston has a sizable Jewish community, estimated at between 210,000 people, and 261,000 or 5–6% of the Greater Boston metro population, compared with about 2% for the nation as a whole. Contrary to national trends, the number of Jews in Greater Boston has been growing, fueled by the fact that 60% of children in Jewish mixed-faith families are raised Jewish, compared with roughly one in three nationally. The 2020 PRRI Atlas found that 35% of
1856-806: The Massachusetts Supreme Judicial Court in Boston. Many prominent American political dynasties have hailed from the Boston region, including the Adams and Kennedy families. Harvard University in Cambridge is the oldest institution of higher learning in the United States, founded in 1636 , with the largest financial endowment of any university, and whose Law School has spawned a contemporaneous majority of United States Supreme Court Justices . Kendall Square in Cambridge has been called "the most innovative square mile on
1920-516: The Red Cross ); and religious organizations (e.g., churches, synagogues, mosques). Private endowments are some of the wealthiest entities in the world, notably private higher education endowments . Harvard University's endowment (valued at $ 53.2 billion as of June 2021 ) is the largest academic endowment in the world. As of 31 December 2022 , the Bill and Melinda Gates Foundation
1984-651: The Taunton area. The widest definition of the metropolitan area based on commuting patterns, is defined by the U.S. Census as the Boston–Worcester–Providence combined statistical area . This area consists of the following counties in Connecticut, Massachusetts, Rhode Island, and New Hampshire: The total population for the extended region was estimated at 8,466,186 at the 2020 census. The Boston area has humid continental climates ( Dfa and Dfb under
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2048-478: The United States , a metropolitan statistical area ( MSA ) is a geographical region with a relatively high population density at its core and close economic ties throughout the region. Such regions are not legally incorporated as a city or town would be and are not legal administrative divisions like counties or separate entities such as states . As a result, sometimes the precise definition of
2112-436: The United States , including those in all 50 states and the national capital of Washington, D.C. are ranked, including: This sortable table lists the six metropolitan statistical areas (MSAs) of Puerto Rico including: Financial endowment A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial , real estate , or other investments for
2176-556: The "live hand" of the public as opposed to the "dead hand" of the founders of private foundations. Research published in the American Economic Review indicates that major academic endowments often act in times of economic downturn in a way opposite of the intention of the endowment. This behavior is referred to as endowment hoarding, reflecting the way that economic downturns often lead to endowments decreasing their payouts rather than increasing them to compensate for
2240-578: The 5% payout requirements for grants and distribute ALL of its power and resources. This includes spending down one's endowment, investing in local and regional economic initiatives that build community wealth rather than investing in Wall Street, giving up decision-making power for grants, and, ultimately, turning over assets to community control. After the Heron Foundation's internal audit of its investments in 2011 uncovered an investment in
2304-423: The Boston CSA with the highest percentage of residents who identify as Italian American: Census tracts in the Boston CSA with the highest percentage of residents who identify as Portuguese American: Census tracts in the Boston CSA with French or French Canadian listed as first ancestry: Cities and towns with a population over 50,000 as of the 2020 census include: A long established center of higher education,
2368-538: The Boston CSA: The 40 census tracts in the Boston CSA with the highest percentage of residents who identify as Hispanic or Latino: Census tracts in the Boston CSA with the highest percentage of residents who identify as Black American: Census tracts in the Boston CSA with the highest percentage of residents who identify as Asian American: Census tracts in the Boston CSA with the highest percentage of residents who identify as Irish American: Census tracts in
2432-401: The Boston metro area identified as Protestant while 26% identified as Catholic. The City of Boston also has one of the largest LGBT populations per capita. It ranks fifth of all major cities in the country (behind San Francisco , and slightly behind Seattle , Atlanta , and Minneapolis ), with 12.3% of the city identifying as gay, lesbian, or bisexual. The 40 most diverse Census tracts in
2496-404: The CBSA if these counties have strong social and economic ties to the central county or counties as measured by commuting and employment. Outlying counties are included in the CBSA if 25% of the workers living in the county work in the central county or counties, or if 25% of the employment in the county is held by workers who live in the central county or counties. Adjacent CBSAs are merged into
2560-636: The Combined Statistical Area (CSA in the rest of the document), which includes the Providence, Rhode Island , Manchester, New Hampshire , Cape Cod and Worcester areas, has a population of more than 8.4 million people, making it one of the most populous such regions in the U.S. Some of Greater Boston's most well-known contributions involve the region's higher education and medical institutions. Greater Boston has been influential upon American history and industry . The region and
2624-530: The Office of Management and Budget) and later renamed to standard metropolitan statistical areas (SMAs) in 1959. The modern metropolitan statistical area was created in 1983 amid a large increase in the number of eligible markets, which grew from 172 in 1950 to 288 in 1980; the core based statistical area (CBSA) was introduced in 2000 and defined in 2003 with a minimum population of 10,000 required for micropolitan areas and 50,000 for urban areas. The 387 MSAs in
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2688-431: The United States. An endowed professorship (or endowed chair ) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. To set up an endowed chair generally costs between US$ 1 and $ 5 million at major research universities. Typically, the position is designated to be in a certain department. The donor might be allowed to name the position. Endowed professorships aid
2752-468: The academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions. An endowed faculty fellow is a position permanently paid for to recruit and retain new and/or junior (and above) professors who have already demonstrated superior teaching and research. The donor might be allowed to name the faculty fellowship. A faculty fellow appointment cultivates confidence and institutional loyalty, keeping
2816-512: The area includes many community colleges, two-year schools, and internationally prominent undergraduate and graduate institutions. The graduate schools include highly regarded schools of law, medicine, business, technology, international relations, public health, education, and religion. Greater Boston contains seven R1 Research Institutions as per the Carnegie Classification of Institutions of Higher Education . This is, by far,
2880-736: The donor's intent. The earliest endowed chairs were established by the Roman emperor and Stoic philosopher Marcus Aurelius in Athens in AD 176. Aurelius created one endowed chair for each of the major schools of philosophy : Platonism , Aristotelianism , Stoicism , and Epicureanism . Later, similar endowments were set up in some other major cities of the Empire. The earliest universities were founded in Europe, Asia and Africa. Their endowment by
2944-583: The downturn. Large U.S.-based college and university endowments, which had posted large, highly publicized gains in the 1990s and 2000s, faced significant losses of principal in the 2008 economic downturn . The Harvard University endowment , which held $ 37 billion in June 2008, was reduced to $ 26 billion by mid-2009. Yale University , the pioneer of an approach that involved investing heavily in alternative investments such as real estate and private equity , reported an endowment of $ 16 billion as of September 2009,
3008-484: The eastern third of mainland Massachusetts, excluding the Merrimack Valley and most of Southeastern Massachusetts , though most definitions (including the US Census definition) include much of these areas and portions of southern New Hampshire . While the city of Boston covers 48.4 square miles (125 km) and has 675,647 residents as of the 2020 census, the urbanization has extended well into surrounding areas and
3072-443: The end of apartheid, more than 150 universities divested of South African investments, although it is not clear to what extent this campaign was responsible for ending the policy. A proactive version of divestment campaigns is impact investing, or mission investing which refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside
3136-468: The endowment and to compensate for inflation and recessions in future years. This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund. The case of Leona Helmsley is often used to illustrate the downsides of the legal concept of donor intent as applied to endowments. In the 2000s, Helmsley bequested a multi-billion dollar trust to "the care and welfare of dogs". This trust
3200-426: The financial health of educational institutions. Alumni or friends of institutions sometimes contribute capital to the endowment. The use of endowment funding is strong in the United States and Canada but less commonly found outside of North America, with the exceptions of Cambridge and Oxford universities. Endowment funds have also been created to support secondary and elementary school districts in several states in
3264-486: The future king Henry VIII , created the first endowed chairs in divinity at the universities of Oxford ( Lady Margaret Professor of Divinity ) and Cambridge ( Lady Margaret's Professor of Divinity ). Nearly 50 years later, Henry VIII established the Regius Professorships at both universities, this time in five subjects: divinity, civil law, Hebrew, Greek, and physic—the last of those corresponding to what
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#17327973190413328-603: The highest number of such institutions in a single Metropolitan Statistical Area in the United States . References: The first railway line in the United States was in Quincy. See Neponset River . The following Regional Transit Authorities have bus service that connects with MBTA commuter rail stations: Annual sporting events include: The Greater Boston League , a high school athletic conference in Massachusetts. Metropolitan Statistical Area In
3392-545: The institution competitive over hiring and retention of talents. An endowed scholarship is tuition (and possibly other costs) assistance that is permanently paid for by an organisation or individual with the revenue of an endowment fund specifically set up for that purpose. It can be either merit-based or need-based (the latter is only awarded to those students for whom the college expense would cause their family financial hardship) depending on university policy or donor preferences. Some universities will facilitate donors' meeting
3456-512: The metropolitan district for the 1910 census as a standardized classification for large urban centers and their surrounding areas. The original threshold for a metropolitan district was 200,000, but was lowered to 100,000 in 1930 and 50,000 in 1940. The metropolitan districts were replaced by standard metropolitan areas (SMAs) in the 1950 census , which were defined by the Bureau of the Budget (now
3520-463: The original principal, inflation-adjusted, is held in perpetuity and prudent spending methods should be applied in order to avoid the erosion of corpus over reasonable time frames. Restricted endowments may also facilitate additional donor requirements. An expendable endowment fund is one which can be spent in certain circumstances. Endowment revenue can be restricted by donors to serve many purposes. Endowed professorships or scholarships restricted to
3584-486: The planet", in reference to the high concentration of entrepreneurial start-ups and quality of innovation which have emerged in the vicinity of the square since 2010. Both Harvard University and the Massachusetts Institute of Technology , also in Cambridge, have been ranked among the most highly regarded academic institutions in the world. The most restrictive definition of the Greater Boston area
3648-516: The poor. In India, wakfs are relatively common among Muslim communities and are regulated by the Central Wakf Council and governed by Wakf Act 1995 (which superseded Wakf Act 1954). Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control
3712-615: The population of the MAPC district was 3.2 million, which was 48% of the total population of Massachusetts, in an area of 1,422 square miles (3,680 km), of which 39% is forested and an additional 11% is water, wetland, or other open space. The cities and towns included in this definitions are: Two definitions are used by the United States Census to define the Boston–Cambridge–Newton, MA–NH Metro Area or Boston–Cambridge–Newton, MA–NH Metropolitan NECTA , which
3776-426: The profit from it to charity.'" It goes on to say that Umar gave it away as alms, that the land itself would not be sold, inherited or donated. He gave it away for the poor, the relatives, the slaves, the jihad , the travelers and the guests. And it will not be held against him who administers it if he consumes some of its yield in an appropriate manner or feeds a friend who does not enrich himself by means of it. When
3840-438: The program officer who had an interest and then goes away" and recommended that an independent endowment be established and that "[n]ative leadership is crucial". Another approach to reforming endowments is the use of divestment campaigns to encourage endowments to not hold unethical investments. One of the earliest modern divestment campaigns was Disinvestment from South Africa which was used to protest apartheid policies. By
3904-533: The state of Massachusetts are global leaders in biotechnology , artificial intelligence , engineering , higher education , finance , and maritime trade . Greater Boston is ranked tenth in population among US metropolitan statistical areas , home to 4,941,632 people as of the 2020 United States Census , and sixth among combined statistical areas , with a population of 8,466,186. The area has hosted many people and sites significant to American culture and history, particularly American literature , politics , and
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#17327973190413968-399: The students they are helping. The amount that must be donated to start an endowed scholarship can vary greatly. Fellowships are similar, although they are most commonly associated with graduate students. In addition to helping with tuition, they may also include a stipend. Fellowships with a stipend may encourage students to work on a doctorate . Frequently, teaching or working on research is
4032-430: The university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for college rankings and other institutional evaluations, or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honour in
4096-539: Was estimated at the time to total 10 times more than the combined 2005 assets of all registered animal-related charities in the United States. In 1914, Frederick Goff sought to eliminate the "dead hand" of organized philanthropy and so created the Cleveland Foundation : the first community foundation . He created a corporately structured foundation that could utilize community gifts in a responsive and need-appropriate manner. Scrutiny and control resided in
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