Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts, U.S., and a member of the Ivy League. Founded in 1636 by the colonial Massachusetts legislature, Harvard is the oldest institution of higher learning in the United States. It is also the first and oldest corporation in North America. Harvard University is made up of ten schools.

Initially called "New College" or "the college at New Towne", the institution was named Harvard College on March 13, 1639, after a young clergyman named John Harvard, who bequeathed the College his library of four hundred books and £779 (which was half of his estate). The earliest known official reference to Harvard as a "university" occurs in the new Massachusetts Constitution of 1780.

During his 40-year tenure as Harvard president (1869–1909), Charles William Eliot radically transformed Harvard into the pattern of the modern research university. Eliot's reforms included elective courses, small classes, and entrance examinations. The Harvard model influenced American education nationally, at both college and secondary levels.

Harvard is consistently ranked at or near the top of international college and university rankings, and has the second-largest financial endowment of any non-profit organization (behind the Bill & Melinda Gates Foundation), standing at $28.8 billion as of 2008. Harvard and Yale have been rivals in academics, rowing, and football for most of their history, competing annually in The Game and the Harvard-Yale Regatta.

History

Harvard is the oldest institution of higher learning in the United States (see: first university in the United States), founded 16 years after the arrival of the Pilgrims at Plymouth. Harvard College, established in 1638 by vote of the Great and General Court of the Massachusetts Bay Colony, was named for its first benefactor, British-born John Harvard of Charlestown, a young minister who, upon his death in 1638, left his library and half his estate to the new institution.The charter creating the corporation of Harvard College was signed by Massachusetts Governor Thomas Dudley in 1650. The College's original purpose was to train Puritan ministers.

During its early years, the College offered a classic academic course based on the English university model but consistent with the prevailing Puritan philosophy of the first colonists in New England. The College was never affiliated with any particular denomination, but many of its earliest graduates went on to become clergymen in Puritan churches throughout New England. An early brochure, published in 1643, justified the College's existence: "To advance Learning and perpetuate it to Posterity; dreading to leave an illiterate Ministry to the Churches." Harvard's early motto was Veritas Christo et Ecclesiae "Truth for Christ and the Church." In a directive to its students, it laid out the purpose of all education: "Let every student be plainly instructed and consider well that the main end of his life and studies is to know God and Jesus, which is eternal life. And therefore to lay Christ at the bottom as the only foundation of all sound learning and knowledge."