In the fiscal year 2024, donations to Harvard University and its endowment experienced a decrease of over $150 million, attributed to criticism of the institution’s handling of antisemitism on campus. Overall, donations fell by $151 million, or 14%, compared to the previous year. Within this decline, contributions to the endowment diminished by nearly $193 million, while donations for current use gifts rose by $42 million.
This decrease followed calls for the resignation of campus leaders who were criticized for permitting antisemitic protests to continue on campus after Hamas’ attack on Israel. The Harvard Crimson reported that this represents one of the most significant yearly drops in donations Harvard has seen in the past decade. Harvard President Alan Garber had previously cautioned alumni regarding underwhelming fundraising figures earlier in the year.
In a financial report, Harvard Vice President for Finance Ritu Kalra and Treasurer Timothy Barakett mentioned that around 8% of fiscal year 2024 operating revenue was derived from gifts for current use, predominantly payments on prior pledges. They stated that current use giving, exceeding $525 million, reached the second highest level in Harvard’s history. Yet, they acknowledged that while still exceeding $1 billion in fundraising, such levels may not be sustainable in the future. They expressed gratitude to those donors who continued to support Harvard’s academic mission.
The financial report also indicated that the fundraising levels might not be sustainable in the long term. Despite the challenges, Garber communicated optimism regarding future improvements, noting that Harvard’s alumni and donor base felt reassured by the university’s direction and relieved that the current academic year had been relatively quieter.
The decline in donations coincided with the resignation of Former Harvard President Claudine Gay. Gay stepped down in January following her controversial testimony before Congress, where she indicated that the context would determine whether calls for the genocide of Jews violated university policy. Additionally, Gay faced accusations of plagiarism. Billionaire Harvard alumnus Bill Ackman publicly criticized the university’s leadership, stating that Gay’s failures resulted in billions of dollars in canceled, paused, and withdrawn donations to the university. He mentioned being aware of over a billion dollars in terminated donations from a small group of Harvard’s most generous Jewish and non-Jewish alumni.
Furthermore, Harvard’s early application program saw a 17% decline in applications received by mid-December 2023 compared to the previous year.
