doi:10.7916/d8-ppbn-ge07Chart, showing inability of the Carnegie Foundation to meet expectations under the free pension plan.manuscriptsstill imageEducation, HigherUniversities and collegesArtsCarnegie Foundation for the Advancement of Teaching‏For the first few years of the CFAT's existence, its principal function was in selecting eligible institutions and establishing rules for receiving retirement allowances. The resulting financial obligations ended up being greatly in excess of CFAT resources, and were only fulfilled by 1973, after spending over 6 million dollars of CFAT endowment and a 15 million dollar loan from the Carnegie Corporation of New York.