Harvard University, one of America’s oldest and wealthiest institutions, is experiencing a notable decline in donations following dissatisfaction among its affluent alumni regarding the university’s handling of antisemitism issues. According to a financial report released on the 17th, contributions for the fiscal year 2024 have dropped to $1.17 billion, down 15% from $1.38 billion the previous year, marking the largest decline in donations for Harvard in nine years, as reported by the Capitol Hill report.
In a recent interview, Harvard President Alan Garber expressed his disappointment over the situation, stating, “Some of the new contributions have been disappointing compared to previous years,” in remarks to the Harvard Crimson.
Donations specifically designated for Harvard also saw a significant decrease of 34%, falling from $560.6 million last year to $368.1 million this year. However, in a positive note, the university’s endowment is projected to grow by 9.6% in fiscal year 2024, bringing its total value to $53.2 billion—the largest academic endowment in the world.
This reduction in donations follows a year marked by campus turmoil over antisemitism and divisions among students due to the conflict between Israel and Hamas. CNBC highlighted comments from Ken Griffin, founder of the hedge fund Citadel and a major benefactor, who condemned antisemitism earlier this year and expressed concerns that Harvard was “lost in the wilderness,” indicating a halt in his donations.
Similarly, billionaire Len Blavatnik, another key supporter, has also pulled back his funding for comparable reasons, despite his family foundation previously donating at least $270 million to Harvard.
Despite the decrease in alumni contributions, Harvard’s overall revenue remains strong, with certain types of donations seeing an uptick. The university’s “current use donations” set a record, reaching over $525 million, the second highest in Harvard’s history.
