As the Harvard Divinity School’s capital campaign exceeds the halfway mark, its hallowed Andover Hall will undergo a transformation into a central hub of activity for multifaith religion, academic study, and events addressing social issues.
For the first time since the 2012 fiscal year, Harvard’s endowment grew at a faster rate than the national average for American colleges and universities in FY 2015.
In 2015, the two committees—the corporation committee, which consists of four members of the Corporation, and the Advisory Committee on Shareholder Responsibility, a 12-member panel of students, faculty, and alumni—voted on 54 proposals.
With $460 million raised, the school has brought in 92 percent toward its $500 million fundraising target.
Pedicini, who will leave HMC after just two-and-a-half years, departs after her department suffered criticism from Divest Harvard over the Management Company’s steadfast refusal to fully divest the endowment from the fossil fuel industry.
“Everyone has the impression that Frank has a $400 million check in his pocket,” said Sean R. Eddy, a professor of Applied Mathematics. “And of course it doesn’t work that way.”
While most schools begin the public phase of their fundraising efforts with half to two-thirds of the goal reached, Harvard Law School has an unusual head start to its campaign.
University President Drew G. Faust said last month that the Divinity School’s campaign, which launched publicly in April 2014, has increasingly become a focus of the central administration.
Federal grant cuts, private foundations and other non-federal sources have stepped up their contributions to minimize the damage to University operations.
Though the drive began with a $6.5 billion goal and a projected end year of 2018, Vice President for Alumni Affairs and Development Tamara E. Rogers '74 said Monday that Harvard will not raise that target.
Harvard Law School raised $241 million of its $305 million of its goal during the quiet phase of its capital campaign, which launched with fanfare on Friday evening.
Falls, whose appointment was effective Sep. 28, worked at Morgan Stanley and Phillips Academy Andover before managing The Rockefeller University’s approximately $2 billion endowment. HMC announced the move on its website.
The plaintiffs claim in their 113-page appeal that Harvard has mismanaged its endowment by investing in “abnormally dangerous activities."
Harvard again trailed peer institutions on endowment returns in fiscal year 2015.