Harvard University sees notable decline in donations in 2024 fiscal year
Date
10/20/2024 2:44:57 AM
(MENAFN) Harvard University experienced a notable decline in donations during its 2024 fiscal year, with total contributions falling by USD151 million, or 14 percent, compared to the previous year. This downturn included a nearly USD193 million decrease in donations to the university's endowment, while gifts designated for current use increased by USD42 million. The drop in support has been linked to backlash against the university’s administration for its perceived mishandling of antisemitism on campus following the Hamas attack on Israel.
The financial downturn represents one of the most significant year-over-year drops in donations in the past decade. Calls for the resignation of campus leaders who allowed antisemitic protests to persist have contributed to the strained relationship between the university and its alumni. The Harvard Crimson highlighted the situation, indicating that the decline has impacted overall donor sentiment.
Harvard President Alan Garber addressed the issue, admitting that the new commitments from donors have been disappointing in comparison to previous years. However, he expressed hope that there are signs of improvement on the horizon, noting that alumni and donors are reassured by the university’s current direction. He indicated that this academic year has been relatively quieter, which may help restore confidence among potential contributors.
The university's annual financial report cautioned that current fundraising levels might not be sustainable in the long run. Current use giving, which accounted for approximately 8 percent of fiscal year 2024 operating revenue, reached over USD525 million, marking the second highest level in Harvard's history. Nevertheless, university officials warned that maintaining such high levels of giving could prove challenging moving forward, underscoring the importance of continued donor support for Harvard’s academic mission.
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