Harvard faces ‘fundraising crisis’ as donors cut ties over protests

[Karah Rucker]

HARVARD HAS SEEN A $151 MILLION DOLLAR DROP IN FUNDRAISING FOR FISCAL YEAR 2024.

THIS REPRESENTS A 14 PERCENT DECLINE COMPARED TO LAST YEAR, MARKING ONE OF THE LARGEST DECREASES IN A DECADE.

BREAKING IT DOWN BY DONATION TYPE –

CONTRIBUTIONS TO THE ENDOWMENT DROPPED 193 MILLION DOLLARS COMPARED TO THE LAST FISCAL YEAR –

BUT THE UNIVERSITY HAD HELP THROUGH ITS “CURRENT-USE GIFT” DONATIONS WHICH INCREASED 42 MILLION DOLLARS.

ENDOWMENT GIFTS ARE CRITICAL FOR HARVARD’S LONG-TERM FINANCIAL HEALTH, FUNDING SCHOLARSHIPS, RESEARCH, AND OPERATIONAL COSTS. UNLIKE CURRENT-USE GIFTS, WHICH CAN BE SPENT RIGHT AWAY, ENDOWMENT CONTRIBUTIONS ARE PRESERVED, WITH ONLY THEIR INVESTMENT RETURNS AVAILABLE FOR USE. THE DECLINE IN ENDOWMENT DONATIONS RAISES CONCERNS ABOUT HARVARD’S ABILITY TO EXPAND PROGRAMS IN THE FUTURE.

THE SCHOOL’S NEWSPAPER CALLING IT A “FUNDRAISING CRISIS” FOR HARVARD.

THE CRIMSON NOTES SEVERAL BILLIONAIRE DONORS PUBLICLY SEVERED TIES WITH THE UNIVERSITY –

FOLLOWING PRO-PALESTINIAN PROTESTS AND ENCAMPMENTS THAT ENGULFED SCHOOL GROUNDS.

THE SCHOOL ALSO SAW AN ABRUPT SHAKEUP IN LEADERSHIP –

WITH NOW-FORMER HARVARD PRESIDENT CLAUDINE GAY RESIGNING IN JANUARY AMID CONTROVERSY OVER HER HANDLING OF ANTISEMITISM ON CAMPUS AND ALLEGATIONS OF PLAGIARISM.

PHILANTHROPY ACCOUNTS FOR 45 PERCENT OF THE UNIVERSITY’S REVENUE.

HARVARD’S CURRENT PRESIDENT ALAN GARBER PRIVATELY WARNED ALUMNI EARLIER THIS YEAR OF THE CONSIDERABLE DECLINE IN CONTRIBUTIONS – ACCORDING TO THE CRIMSON.

WHILE EXPRESSING CONCERN OVER CURRENT FIGURES –

GARBER SAYS THERE ARE INDICATIONS OF IMPROVEMENT.

NOTING DONORS ARE “REASSURED BY THE DIRECTION” THE UNIVERSITY IS TAKING –

HE SAYS DONORS ARE “RELIEVED” THAT THE CURRENT ACADEMIC YEAR HAS BEEN “QUIETER” THAN LAST YEAR.

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