{"id":115428,"date":"2024-10-18T04:24:10","date_gmt":"2024-10-17T21:24:10","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=115428"},"modified":"2024-10-18T04:24:10","modified_gmt":"2024-10-17T21:24:10","slug":"donations-to-harvards-endowment-drop-by-more-than-150-million-news","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=115428","title":{"rendered":"Donations to Harvard\u2019s Endowment Drop by More Than $150 Million | News"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><span>Harvard\u2019s fundraising crisis now has a price tag: $151 million.<\/span><\/p>\n<p><span>Total philanthropic contributions fell by 14 percent in fiscal year 2024 as several billionaire donors <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/1\/31\/ken-griffin-pausing-harvard-donations\/\" style=\"text-decoration:none\">publicly severed ties<\/a> with Harvard over its response to campus antisemitism.<\/span><\/p>\n<p><span>The $151 million decline marks one of the most significant year-over-year drops in donations in the past decade. The University saw its greatest reduction in contributions to the endowment, which dropped by $193 million. Current-use gifts, however, remained strong \u2014 increasing by $42 million compared to fiscal year 2023.<\/span><\/p>\n<p><span>Senior University leaders had <a href=\"https:\/\/www.thecrimson.com\/article\/2023\/11\/29\/donor-backlash-israel-hamas-response\/\" style=\"text-decoration:none\">privately warned<\/a><strong> <\/strong>for months about the lackluster philanthropy figures amid a tumultuous year marked by a <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/1\/17\/claudine-gay-harvard-presidency-feature\/\" style=\"text-decoration:none\">leadership crisis<\/a> and heightened public scrutiny over the University\u2019s botched initial statement after Hamas\u2019 Oct. 7 attack on Israel.<\/span><\/p>\n<div class=\"css-4kxa28\">\n<div class=\"shortcode-large shortcode-center\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/thumbnails.thecrimson.com\/photos\/2024\/10\/16\/210032_1373706.jpg.1500x1000_q95_crop-smart_upscale.jpg\" alt=\"Alan M. Garber is the 31st president of Harvard University. Garber had previously warned that the University's fundraising results were below expectations.\" class=\"css-8atqhb\"\/><\/p>\n<div class=\"css-8pot\"><span>Alan M. Garber is the 31st president of Harvard University. Garber had previously warned that the University&#8217;s fundraising results were below expectations.<!-- --> <\/span><span class=\"css-1ys3e0l\">By <a href=\"https:\/\/www.thecrimson.com\/writer\/1217542\/Addison_Y._Liu\/\" to=\"https:\/\/www.thecrimson.com\/writer\/1217542\/Addison_Y._Liu\/\" class=\"css-1fvj8jv\">Addison Y. Liu<\/a><\/span><\/div>\n<\/div>\n<\/div>\n<p><span>Harvard President Alan M. Garber \u201976 <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/10\/11\/garber-disappointed-2023-fundraising-numbers\/\" style=\"text-decoration:none\">publicly expressed<\/a> his displeasure with the University\u2019s latest fundraising figures in an interview with The Crimson last week. His comments came after <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/4\/2\/garber-private-fundraising-struggles\/\" style=\"text-decoration:none\">privately warning<\/a> alumni in March of a considerable decline in contributions.<\/span><\/p>\n<p><span>\u201cSome of the new commitments have been disappointing compared to past years,\u201d Garber said. \u201cThere are also some indications that we will see improvements in the future.\u201d<\/span><\/p>\n<p><span>Unlike current-use gifts, donations intended for Harvard\u2019s endowment cannot immediately be spent \u2014 only the annual investment returns from these gifts are available for use.<\/span><\/p>\n<p><span>While these contributions are preserved in the endowment, the investment income they generate has become vital to the University\u2019s financial operations. Donations to the endowment have supported robust financial aid, new research initiatives, and expanded operating expenses to further Harvard\u2019s educational mission.<\/span><\/p>\n<p><span>A sustained decline in endowment contributions would likely pose a long-term threat to the University\u2019s ability to grow beyond its current operations.<\/span><\/p>\n<p><span>Though it is not abnormal for Harvard to experience fluctuations in donations following major leadership turnover, former Harvard President Claduine Gay\u2019s <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/1\/3\/claudine-gay-resign-harvard\/\" style=\"text-decoration:none\">surprise resignation<\/a> in January amid<a href=\"https:\/\/www.thecrimson.com\/article\/2024\/1\/3\/plagiarism-allegations-gay-resigns\/\" style=\"text-decoration:none\"> allegations of plagiarism<\/a> and criticism of her <a href=\"https:\/\/www.thecrimson.com\/article\/2023\/10\/10\/harvard-statement-criticized\/\" style=\"text-decoration:none\">response to campus antisemitism<\/a> plunged the University into crisis.<\/span><\/p>\n<p><span>Gay stepped down from office after just more than six months into her tenure, resulting in Garber\u2019s <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/1\/3\/alan-garber-interim-president\/\" style=\"text-decoration:none\">sudden elevation<\/a> as the University\u2019s interim president. Over the past 10 months, he has sought to assume the role as Harvard\u2019s chief fundraiser and repair relationships with disillusioned donors.<\/span><\/p>\n<p><span>Despite concerns, philanthropy continues to be a major pillar of Harvard\u2019s financial stability. It accounted for 45 percent of the University\u2019s revenue \u2014 consistent with fiscal year 2023 \u2014 and endowment income distribution rose to $2.4 billion, its highest levels, remaining a critical source of funding the University\u2019s operations.<\/span><\/p>\n<p><span>Current-use gifts differ from endowment gifts as they can be spent in its entirety. The 9 percent increase in current use gifts \u2014 amounting to $42 million \u2014 played a crucial role in philanthropy\u2019s contribution to the University\u2019s operating revenue.<\/span><\/p>\n<div class=\"css-4kxa28\">\n<div class=\"shortcode-large shortcode-center\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/thumbnails.thecrimson.com\/photos\/2024\/10\/16\/210945_1373707.jpg.1500x1000_q95_crop-smart_upscale.jpg\" alt=\"The Harvard Management Corporation is located at 600 Atlantic Ave in Boston.\" class=\"css-8atqhb\"\/><\/p>\n<div class=\"css-8pot\"><span>The Harvard Management Corporation is located at 600 Atlantic Ave in Boston.<!-- --> <\/span><span class=\"css-1ys3e0l\">By <a href=\"https:\/\/www.thecrimson.com\/writer\/1217495\/Julian_J._Giordano\/\" to=\"https:\/\/www.thecrimson.com\/writer\/1217495\/Julian_J._Giordano\/\" class=\"css-1fvj8jv\">Julian J. Giordano<\/a><\/span><\/div>\n<\/div>\n<\/div>\n<p><span>These contributions were often in the form of small-dollar donations, with more than 75 percent of gifts averaging $150 per donor.<\/span><\/p>\n<p><span>The report, however, does not account for contributions that occurred after June 2024, outside of the most recent fiscal year.<\/span><\/p>\n<p><span>In his interview with The Crimson, Garber said that he believes alumni and donors are \u201creassured by the direction that the University is taking.\u201d<\/span><\/p>\n<p><span>\u201cThey are relieved, at least that so far, this academic year has been somewhat quieter,\u201d he added.<\/span><\/p>\n<p><span>One person with knowledge of the University\u2019s fundraising efforts said that June 2024 \u201cwas a particularly strong month\u201d for Harvard.<\/span><\/p>\n<p><span>Harvard Chief Financial Officer Ritu Kalra acknowledged in an interview with the Harvard Gazette, a University-run publication, that Harvard may still face some struggles in the coming months.<\/span><\/p>\n<p><span>\u201cThe future will be more complicated \u2014 both the level of giving and the level of returns may be difficult to sustain \u2014 but we remain grateful to our donors for their steadfast belief in Harvard\u2019s academic mission,\u201d Kalra said.<\/span><\/p>\n<p><span>\u201cTheir support is vital to everything we do,\u201d she added.<\/span><\/p>\n<p><span>\u2014Staff writer Sidney K. Lee can be reached at <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/10\/18\/harvard-fundraising-crisis-price-tag\/mailto:sidney.lee@thecrimson.com\" style=\"text-decoration:none\">sidney.lee@thecrimson.com<\/a>. Follow her on Twitter <a href=\"https:\/\/twitter.com\/sidneyklee\/\" style=\"text-decoration:none\">@sidneyklee<\/a>.<\/span><\/p>\n<p><span>\u2014Staff writer Thomas J. Mete can be reached at <a href=\"https:\/\/www.thecrimson.com\/article\/2024\/10\/18\/harvard-fundraising-crisis-price-tag\/mailto:thomas.mete@thecrimson.com\" style=\"text-decoration:none\">thomas.mete@thecrimson.com<\/a>. Follow him on Twitter <a href=\"https:\/\/twitter.com\/thomasjmete\" style=\"text-decoration:none\">@thomasjmete<\/a>.<\/span><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.thecrimson.com\/article\/2024\/10\/18\/harvard-fundraising-crisis-price-tag\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Harvard\u2019s fundraising crisis now has a price tag: $151 million. Total philanthropic contributions fell by 14 percent in fiscal year 2024 as several billionaire donors publicly severed ties with Harvard &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=115428\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-115428","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/115428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=115428"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/115428\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=115428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=115428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=115428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}