Harvard posts second-highest donation haul in school history
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Harvard University on Thursday reported that it received $525 million in current-use donations during its last fiscal year, the second-most in the school's 388-year history.
Why it matters: Harvard is America's oldest college and the richest, with an endowment valued at $53.2 billion through the end of June.
Context: Harvard was also was the site of intense protests last year over the war in Gaza.
- Harvard president Claudine Gay resigned in January after her much-maligned testimony at a congressional hearing on antisemitism, plus accusations of plagiarism. Her tenure was the shortest of any other Harvard president.
- There had been concerns that giving would dry up, or that prior pledges wouldn't be honored.
Yes, but: Donations to the school's endowment, which cannot be immediately spent as can current-use gifts, fell by over $150 milion to $368 million.
By the numbers: Harvard reported a $45 million operating surplus on $6.5 billion in revenue, which was up 6% over the prior year.
- Its endowment gained 9.6% during fiscal 2024, topping its 8% targeted return and well above its meager 2.9% gain during fiscal 2023.
- Private equity remains the endowment's largest asset class with a 39% allocation, but underperformed Harvard's public equity investments for the second straight year.
- Harvard's endowment distributed $2.4 billion toward the university's operating budget, which was up from $2.2 billion the prior year.
- Overall fundraising, including the current-use gifts, totaled around $1 billion.
What they're saying: "As the University addressed long-standing challenges that were highlighted by the events of the past year, alumni and others demonstrated both their concern and their care for the future of the institution through growing levels of support over the course of the year," Harvard president Alan Garber said in a statement.
The bottom line: Harvard faced numerous issues last year, but it top and bottom lines remained strong.
