Harvard University, the oldest and one of the wealthiest institutions of higher education in the United States, is facing backlash from its affluent alumni regarding the school’s handling of antisemitism. On October 17, Harvard released a financial report showing that donations for the 2024 fiscal year decreased by 15%, dropping to $1.17 billion from $1.38 billion the previous year.
According to Bloomberg, this marks the largest decline in donation revenue for Harvard in nearly a decade.
In a recent interview, Harvard President Alan Garber expressed disappointment over the situation. He told the “Harvard Crimson”: “Some of the new donations are disappointing compared to past years.”
Specifically, donations designated for Harvard’s endowment fell by 34%, plummeting from $560.6 million to $368.1 million.
Despite the decline in contributions, Harvard’s investment fund is expected to grow by 9.6% in the 2024 fiscal year, reaching a total value of $53.2 billion, making it the largest academic endowment fund in the world.
This drop in donations comes in the wake of a year marked by antisemitism on campus, exacerbated by divisions among students due to the ongoing conflict between Israel and the Palestinian militant group Hamas.
As reported by CNBC, billionaire donor and Citadel hedge fund founder Ken Griffin condemned antisemitism back in January, expressing concern that Harvard was “lost in the wilderness” and announcing his decision to cease donations.
Bloomberg also highlighted another prominent donor, Russian-American billionaire Len Blavatnik, who has similarly paused his contributions, despite his family’s foundation having donated at least $270 million to Harvard in the past.
While overall contributions have decreased, Harvard’s financial performance remains strong. There has been an increase in specific types of donations over the past year, with “current use donations” reaching a record high of over $525 million, the second highest in Harvard’s history.
