Harvard Sees Drastic Drop in Donations After Alumni Cut Ties Over School’s Response to Antisemitism
“Cash gifts to the Ivy League school fell about 15% to less than $1.2 billion during the fiscal year ended June 30, according to a Harvard financial report released Thursday.”
This is completely self-inflicted. Harvard is allowing this to happen. It’s pathetic.
The New York Post reports:
Harvard donations plunge 15% as alumni cut ties over weak response to campus antisemitism
Harvard University warned that donations to its endowment have nosedived as outraged alumni cut ties with the school over its feeble response to on-campus antisemitism.
Cash gifts to the Ivy League school fell about 15% to less than $1.2 billion during the fiscal year ended June 30, according to a Harvard financial report released Thursday.
Harvard was mired in controversy after Hamas’ Oct. 7 terrorist attacks on Israel. Like other elite colleges across the US, pro-Palestinian students protested and set up encampments on Harvard’s campus.
Tensions boiled over when Harvard’s then-president Claudine Gay refused to condemn student groups that held Israel “entirely responsible” for the Oct. 7 attacks.
Soon after, deep-pocketed donors – including billionaire investor Len Blavatnik and hedge fund titan Ken Griffin – suspended giving to the university. Less-wealthy alumni also abandoned their contributions.
Harvard said it has been forced to rely on its $53 billion endowment – the largest in the world – to make up the difference.
The fund posted a 9.6% investment return, the best in three years. Chief Financial Officer Ritu Kalra called it a “welcome boost,” but warned that the college will need to cut costs to keep up with slowing revenue.
“The pace of our recent spending underscores the need for prudence going forward,” Kalra said during a discussion about Harvard’s finances.
Some of the increased spending has been allocated toward advanced technologies, artificial intelligence and improving campus facilities, so the increase in costs is “purposeful,” she said.
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Comments
I am disappointed that donations to Harvard fell only 15%. I was hoping for a bigger donation drop.
Agreed. It’s a pity it didn’t fall to 15% rather than only by 15%.
$53,000,000,000 endowment? Jesus Christ! How about lowering tuition a smidge?
I’ve never donated to Harvard. They have too much money as it is.
“Less than $1.2B?” Oh dear. They may have to sell a couple apartment buildings.
If Harvard had anything unique or special to offer to its students or to the world, then Boston would be Heaven On Earth.
Clean
Intact families
Low unemployment
Low crime
Low recidivism
Low alcoholism
Low relapse
Low addiction
Low relapse
Terrific roads
Terrific mass transit
Little homelessness
And politicians from around the world would be flocking to Boston to learn the Harvard secrets of success.
Academics from all over would be touting “The Harvard Way”
………
The emperor is wearing no clothes, but the people absolutely refuse to believe their eyes.
Note that Harvard isn’t “in” Boston. It’s in Cambridge. Harvard does a bunch of things for Cambridge (which may or may not actually benefit them), but does relatively little for Boston, as they’re not in each other’s food chain.
Most of Harvard is located in Cambridge, but the Harvard Business School is located in the Allston section of Boston. During her student days, my sister worked at the Allston Depot Steak House, a restaurant which no longer exists.