(news nation) — Harvard University, the nation's oldest and wealthiest university, saw its endowment drop 15 percent as wealthy alumni expressed anger over the university's handling of anti-Semitism on campus.
Endowments to Harvard University fell to $1.17 billion in fiscal year 2024 from $1.38 billion in the same period last year, the new figure showed. financial report shown on Thursday.
The decline was the school's largest endowment decline in nine years. According to Bloomberg. Harvard University President Alan Garber expressed regret over the latest fundraising developments in a recent interview with the university's newspaper.
“Some of the new initiatives were disappointing compared to previous years,” Gerber said. told the Harvard Crimson.
Gifts specific to Harvard's endowment declined 34% to $368.1 million from $560.6 million a year earlier. However, the school's investment endowment still grew 9.6% in the fiscal year, bringing its total to $53.2 billion, making it the largest academic endowment in the world.
The decline in donations follows a tumultuous year on Harvard's campus, with blatant anti-Semitism and a bitter division among students over the Israel-Hamas war.
Billionaire Ken Griffin, a donor to Harvard, in January denounced anti-Semitism and feared the school was “lost in the wilderness” and withdrew his donations to the school. He said he was planning to quit.
“I will not support Harvard University until it makes clear that it will resume its role of educating America's young men and women to be leaders, problem solvers, and tackle difficult problems.” said Griffin. told CNBC.
Harvard University's other major donor, billionaire Len Blavatnik, also suspended donations in response to the university's response to anti-Semitism on campus. reported by bloomberg. Blavatnik's family foundation reportedly donated at least $270 million to Harvard University.
Earlier this year, then-Harvard University President Claudine Gay resigned following widespread backlash over her testimony in Congressional hearings on accusations of anti-Semitism and plagiarism.
Nevertheless, Harvard's revenues remain strong, and some types of endowments have actually increased over the past year.
The university's current endowment, known as its working endowment, has reached the second-highest level in Harvard's history, at more than $525 million.
