Harvard's fundraising declines after anti-Semitic controversy

Donations to Harvard University and its endowment have fallen by just over $150 million in response to the administration's response to the Ivy League institution's fiscal year 2024. Managing anti-Semitism on campus

Total grants were down $151 million, or 14%, in fiscal year 2024 from the prior year. Of that total, donations to Harvard's endowment fell by about $193 million from a year earlier, while donations to current-use gifts increased by $42 million over the same time frame.

The fallout followed calls for the resignation of campus leaders criticized for continuing anti-Semitic protests on campus after Hamas attacks in Israel.

Harvard Crimson Noting that this represented “one of the most significant year-over-year declines in donations in the last decade”. The outlet interviewed Harvard President Alan Gerber, who earlier this year warned alumni about missing fundraising figures.

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“Some of the new commitments were disappointing compared to last year,” Garber told the newspaper. “There are also some indications that we may see improvements in the future.”

Garber told the outlet Harvard's alumni and donor base “Convinced of the direction the university is taking” and they are “relieved, at least that, so far, this academic year has been somewhat quiet.”

Harvard's annual financial report warns that its current fundraising levels may not be sustainable in the long term.

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In the university's financial report, Harvard Vice President Ritu Kalra and Treasurer Timothy Baracket wrote, “About 8% of fiscal year 2024 operating revenue comes from gifts for current use, primarily payments on prior pledges.

“At more than $525 million, current endowment has reached the second highest level in Harvard's history. While still surpassing $1 billion in fundraising, such levels cannot be sustained. As a reflection of Harvard's commitment to its academic mission.”

Former Harvard President Claudine Gay resigned about six months after taking the role amid dual controversy. (Hyun Jiang/Bloomberg via Getty Images/Getty Images)

Last year's fundraising pushed the size of Harvard's endowment to $53.2 billion, and distributions from the endowment amounted to $2.4 billion, or 37% of Harvard's total revenue for the year.

Former Harvard President Claudine Gay resigned in January after his controversial testimony before Congress in which he said it would depend on the “context” of the call for genocide against Jews to determine whether it violated university policy. Gayo was embroiled in a theft controversy.

Bill AckmanA billionaire Harvard alum, said in December that Gay's “failure has caused billions of dollars in donations to the university to be cancelled, suspended and revoked.”

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Billionaire Bill Ackman was among Harvard alumni who publicly criticized the university's leadership for handling anti-Semitism on campus. (Chris Ratcliffe/Bloomberg via Getty Images/Getty Images)

“I am personally aware of over a billion dollars Closed grants from a small group of Harvard's most liberal Jewish and non-Jewish alumni,” Ackman said.

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Harvard's Early Application Program also saw 17% Application reduction Received up to mid-December 2023 compared to previous years.