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Harvard University and its endowment have fallen by more than $150 million in the Ivy League's fiscal year 2024 following backlash against the administration. Responding to anti-Semitism On campus.
Total donations in FY2024 decreased by $151 million (14%) from the previous year. Of that total, contributions to Harvard's endowment were down nearly $193 million from a year ago, while contributions to active gifts increased by $42 million in that period.
The decline followed calls for the resignation of campus leaders who were criticized for allowing anti-Semitic protests to continue on campus after Hamas attacks on Israel.
harvard crimson It noted that this was “one of the most significant year-over-year declines in donations in the past 10 years.” The outlet spoke to Harvard University President Alan Garber, who warned alumni earlier this year about declining fundraising.
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Harvard University saw a significant drop in endowments in the last fiscal year. (Getty Images/Getty Images)
“Some of the new promises were disappointing compared to previous years,” Gerber told the paper. “There are also some signs that we will see improvement in the future.”
Gerber told the outlet Harvard University Alumni and Donor Base They are “comforted by the direction the university is taking” and are “relieved that, at least for now, this academic year has been somewhat uneventful.”
Harvard University's annual financial report warned that current funding levels may not be sustainable in the long term.
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“Approximately 8% of fiscal year 2024 operating revenues were from gifts for current use, primarily from prior pledges,” said Harvard Vice President for Finance Ritu Kalra and Treasurer Timothy Baraket. Ritu Kalra, Harvard's vice president for finance, and Timothy Barakett, Harvard's treasurer.
“Current endowment exceeds $525 million, reaching the second highest level in Harvard University's history. Fundraising still exceeds $1 billion, but such a level “We are grateful to those who have continued to direct their philanthropy toward the University,” reflecting their commitment to Harvard's academic mission. ”
Former Harvard University President Claudine Gay resigned about six months after taking office amid this dual controversy. (Jiang Haiyun/Bloomberg via Getty Images/Getty Images)
Last year's fundraising brought Harvard's endowment size to $53.2 billion, and distributions from the endowment amounted to $2.4 billion, or 37% of Harvard's total annual revenue.
Former Harvard University President Claudine Gay He came after controversial testimony before Congress in which he said whether genocide against Jews violates university policy depends on the “context” of calls for genocide of Jews. He resigned in January. Gay was also embroiled in plagiarism controversy.
bill ackmanThe billionaire Harvard alum said in December that Gay's “missteps have led to the cancellation, suspension and revocation of billions of dollars in donations to the university.”
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Billionaire Bill Ackman was among the Harvard graduates who publicly criticized Harvard's leadership over its handling of anti-Semitism on campus. (Chris Ratcliffe/Bloomberg via Getty Images/Getty Images)
“I personally know of over $1 billion in funds. Ended donation They were chosen from a small group of Harvard's most generous Jewish and non-Jewish alumni,” Ackman said.
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Harvard University's early application program also saw a 17% rate. Decrease in applications Amounts received by mid-December 2023 compared to the previous year.
