New York Post political reporter Jon Levine reacts to antisemitic stickers placed on the Harvard University campus during an appearance on ‘Varney & Co.’
Donations to Harvard University and its endowment fell by a little more than $150 million in the Ivy League institution’s 2024 fiscal year amid a management backlash. the management of antisemitism on campus.
Total contributions decreased by $151 million, or 14%, in fiscal 2024 from the prior year. Within that total, Harvard’s endowment contributions decreased by nearly $193 million from the previous year, while current endowment contributions increased by $42 million over that period.
The drop follows calls for the resignation of the center’s leaders who were criticized for allowing anti-Semitic protests to continue at the center after the Hamas attack on Israel.
The Harvard Crimson noted that it represented “one of the largest year-over-year declines in donations in the past decade.” The center interviewed Harvard President Alan Garber, who had warned alumni earlier this year about the fundraising figures.
HARVARD HIRE FORMER UPENN PRESIDENT WHO RESIGNED AFTER CONFLICTING TESTIMONY.
Harvard saw a significant drop in donations in its last fiscal year. (Getty Images / Getty Images)
“Some of the new commitments were disappointing compared to previous years,” Garber told the newspaper. “There are also indications that we will see improvement in the future.”
Garber told the store Harvard alumni and donor base “he is reassured by the direction the university is taking” and “they are relieved, at least that, so far, this academic year has been a little quiet.”
Harvard’s annual financial report warned that its fundraising levels may not be sustainable over time.
BETWEEN ANTISEMITISM, OTHER COLLEGES CAN CONTINUE COLUMBIA, HARVARD
“Approximately 8% of revenue for fiscal year 2024 comes from current gifts, primarily payments of prior pledges,” wrote Harvard Vice President for Finance Ritu Kalra and Treasurer Timothy Barakett in the university’s financial report.
“In excess of $525 million, current spending has reached the second highest level in Harvard’s history. Although it still exceeds $1 billion in fundraising, such levels may not be sustainable in the future. We thank those who have continued to direct their generosity to the University. as a sign of their commitment to the work of Harvard education.”
Former Harvard President Claudine Gay resigned about six months after taking the position amid two controversies. (Haiyun Jiang/Bloomberg via Getty Images/Getty Images)
Last year’s fundraising brought the size of Harvard’s endowment to $53.2 billion, and the distribution budget reached $2.4 billion, or 37% of Harvard’s total annual income.
Former Harvard president Claudine Gay resigned in January after controversial testimony before Congress in which he said it would depend on the “totality” of requests to kill Jews to determine whether it violated university policy. A gay man once got into a cheating scandal.
Bill Ackmana billionaire Harvard alum, said in December that “Gay’s failure has resulted in millions of dollars being canceled, suspended and withdrawn donations to the university.”
HARVARD’S FORMER PRESIDENT SAYS ‘WORST’ DOING SCHOOL IN HISTORY, STILL DEFENDED WITH ANTISEMITISM.
Billionaire Bill Ackman was one of the Harvard alumni who publicly criticized the university’s leadership for the way they handle anti-Semitic people in schools. (Chris Ratcliffe/Bloomberg via Getty Images/Getty Images)
“I personally know more than a billion dollars Donations are over to a small group of Harvard students who are Jewish and non-Jewish alumni,” Ackman said.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Harvard’s early application program also saw 17% decrease in requests received in mid-December 2023 compared to the previous year.
Source link
