University Finances
With Endowment Tax on the Horizon, Harvard Still Doesn’t Know How to File Its Returns
Harvard is still awaiting federal guidance on how to file taxes under a law passed in Dec. 2017 that levied an “unprecedented” excise tax on some universities’ endowment returns, according to a spokeswoman.
Administrators Say Bacow Well-Equipped to Manage University Finances
Thomas J. Hollister, chief financial officer of the University, said the president-elect has long been “intimately involved” in Harvard's financial affairs as a Corporation member.
Faust Made $1.5 Million in 2016
Dean of the Faculty of Arts and Sciences Michael D. Smith, who is stepping down at the end of the year, made $701,956 in total salary and benefits in 2016, while Provost Alan M. Garber ’76 and made $871,960.
Medical School Building Sale Nears Close
The building, located between Vanderbilt Hall and the New Research Building on the school’s Longwood campus, has been on the market for at least five months.
Harvard Raises $9.1 Billion in Capital Campaign
Harvard has raised $9.1 billion as part of its ongoing capital campaign as of March 31, according to a dean of the University and multiple alumni who attended a celebratory event in Sanders Theater Saturday afternoon.
Endowment Tax Could Affect Harvard's Pension Investments
The Republican tax overhaul passed in December may impact the pensions of Harvard employees hired before 2001 and the University is currently “reviewing” the situation.
Division of Continuing Education Relies on Tuition Rather than Endowment Funding
The Division of Continuing Education has been almost entirely financially self-sufficient in recent years, raising money through tuition and other programming rather than relying heavily on money from the University endowment.
Capital Campaign Reaches Goal on Financial Aid
With just months left in Harvard’s record-breaking capital campaign, the school has met its $600 million financial aid goal.
Overseer Calls on Harvard to Divest from Fossil Fuels
Kathryn “Kat” A. Taylor ’80, a member of the University's second highest governing body, publicly called on Harvard to divest from fossil fuels Wednesday afternoon.
Overseer Calls on Harvard to Divest from Fossil Fuels
Kathryn “Kat” A. Taylor ’80, a member of the Board of Overseers—the second highest governing body of the University— publicly called for Harvard to divest from fossil fuels Wednesday afternoon.
Harvard to Invest $300 Million in Credit Fund
The money will come from Harvard’s endowment; the Boston firm slated to receive the millions dollar-strong backing from the University is Evolution Credit Partners.
Tax Bill Changes Landscape for Potential Harvard Donors
This could be bad news for organizations that depend heavily on donations—including institutions of higher education like Harvard.
Faust Meets with Lawmakers in Washington about Higher Ed Act, Immigration
Faust traveled to D.C. last week to meet with Democratic lawmakers about the “deep concerns” she has about reauthorization of the Higher Ed Act and immigration laws.
Harvard Money Manager Departs
Melinda Barber, a managing director at Harvard Management Company—the University’s investment arm—will leave Harvard, Bloomberg reported Tuesday.
Faust Joins 48 Higher Ed Leaders Seeking Endowment Tax Repeal
President Faust joined 48 other university leaders in penning a letter to congressional leaders Wednesday to object to the recently passed endowment returns tax.
Allstonians Review Impact of Harvard 'Flexible Fund'
In a Monday meeting, Allston residents and planning officials discussed the impact of community projects financed by a Harvard-sponsored fund over the last two years.
Republican Tax Plan Could Mean Added Business Income Tax for Harvard
Hidden in the Tax Cuts and Jobs Act passed last year is a change in the way taxes are calculated for nonprofits that could lead to increased expenses for Harvard.
Faust Talks Impact of Endowment Tax
University President Drew G. Faust said the unprecedented endowment tax will have a "pretty significant" impact on funding for Harvard initiatives.
Harvard Sold ProShares Before Market Dip
Harvard Management Company sold shares of “ProShares Short VIX Short-Term Futures” valued at $11.3 million in the fourth quarter of 2017 ahead of a dramatic market dip.
Alumni Write to Bacow Urging New HMC Investment Strategy
Instead of using hedge funds to manage its money, the University should shift half of its $37.1 billion endowment into lower-cost funds tracking the S&P 500, the letter’s signatories argued.
Faust Shares Goals for Final Months of Capital Campaign
University President Drew G. Faust said financial aid fundraising is still a significant priority for campaign organizers.
Medical School Reaches $750 Million Capital Campaign Goal
Harvard Medical School’s capital campaign reached its $750 million goal earlier this month, administrators announced Wednesday.
Financial Aid Director Sally Donahue Leaves Legacy, Looks Ahead
Sally C. Donahue, the College’s financial aid director who helped launch the Harvard Financial Aid Initiative, will retire in August.
Harvard Raised Record-High $1.28 billion in FY 2017, Topping Stanford
Fiscal Year 2017 marks the fourth consecutive year that the University has raised over $1 billion, according to data from the Council for Aid to Education.