Harvard University is among the wealthiest universities has dropped by 14 percent in fiscal year 2024. As per reports, the university’s endowment fell by $151 million from year to year in the past decade. Hence, the Harvard endowment was landing on $53.2 billion in June 2024.
Therefore, Harvard’s current-use gifts are increasing by $42 million compared to the fiscal year. One of the major reasons for the worse fundraising situation is that some senior leaders of Harvard University have privately warned for months about the donations and philanthropy figures.
Alan M. Garber, the president of Harvard University said, “Some of the new commitments have been disappointing compared to past years.
He added in a statement, “There are also some indications that we will see improvements in the future.”
Meanwhile, Claudine Gay, a black president resigned after 6 months in the middle of allegations of plagiarism and criticism of her response to campus antisemitism. The university may face some struggles in the coming months.
The Harvard Crimson reported the interview of Harvard Chief Financial Officer Ritu Kalra. She said, “The future will be more complicated — both the level of giving and the level of returns may be difficult to sustain — but we remain grateful to our donors for their steadfast belief in Harvard’s academic mission.”
She continued, “Their support is vital to everything we do.”
However, Harvard generated around $45 million operating surplus with $6.5 billion in revenues and $1 billion in current-use gifts for the fiscal year 2024. Harvard leaders and Garber have worked hard to emphasize the need for prudent financial planning in managing expenses and revenue.
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