Harvard fundraising slumps after antisemitism controversy
Harvard fundraising slumped by $151 million, with a rise in current use gifts failing to offset the decline in endowment donations
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Donations to Harvard University and its endowment declined by a little more than $150 million in the Ivy League institution's 2024 fiscal year amid backlash toward the administration's handling of antisemitism on campus.
Total donations were down by $151 million, or 14%, in fiscal 2024 from the prior year. Within that total, donations to Harvard's endowment fell by nearly $193 million from a year ago, while donations for current use gifts increased by $42 million in that time frame.
The decline followed calls for the resignation of campus leaders who were criticized for allowing antisemitic protests to persist on campus after Hamas' attack on Israel.
The Harvard Crimson noted that it represents "one of the most significant year-over-year drops in donations in the past decade." The outlet interviewed Harvard President Alan Garber, who had warned alumni earlier this year about lackluster fundraising figures.
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Harvard saw a notable decline in donations in its past fiscal year. (Getty Images / Getty Images)
"Some of the new commitments have been disappointing compared to past years," Garber told the newspaper. "There are also some indications that we will see improvements in the future."
Garber told the outlet Harvard's alumni and donor base is "reassured by the direction that the university is taking" and they are "relieved, at least that, so far, this academic year has been somewhat quieter."
Harvard's annual financial report warned that its current fundraising levels may not be sustainable over the long term.
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"About 8% of fiscal year 2024 operating revenue came from gifts for current use, primarily payments on prior pledges," Harvard Vice President for Finance Ritu Kalra and Treasurer Timothy Barakett wrote in the university's financial report.
"At over $525 million, current use giving reached the second highest level in Harvard’s history. While still surpassing $1 billion of fundraising, such levels may not be sustainable looking forward. We are grateful to those who have continued to direct their philanthropy to the University as a reflection of their commitment to Harvard’s academic mission."
Former Harvard President Claudine Gay resigned about six months after assuming the role amid the dual controversies. (Haiyun Jiang/Bloomberg via Getty Images / Getty Images)
Last year's fundraising haul 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 her controversial testimony before Congress in which she said it would depend on the "context" of calls for the genocide of Jews to determine whether it violates university policy. Gay was also embroiled in a plagiarism controversy.
Bill Ackman, a billionaire Harvard alum, said in December that Gay's "failures have led to billions of dollars of canceled, paused and withdrawn donations to the university."
Billionaire Bill Ackman was among the Harvard alumni who publicly criticized the university's leadership over its handling of antisemitism on campus. (Chris Ratcliffe/Bloomberg via Getty Images / Getty Images)
"I am personally aware of more than a billion dollars of terminated donations from a small group of Harvard's most generous Jewish and non-Jewish alumni," Ackman said.
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Harvard's early application program also saw a 17% decline in applications received through mid-December 2023 compared to the prior year.