University Finances
D. Ronald Daniel, Former Harvard Treasurer Who Saw Endowment Quadruple During 15-Year Tenure, Dead at 93
D. Ronald Daniel, a longtime treasurer of Harvard University who saw the University’s endowment quadruple in value during his 15-year tenure, died on Dec. 16 at his home in New York City. He was 93.
Major Harvard Donor Len Blavatnik to Pause Donations to Harvard, Report Says
Leonard V. Blavatnik, a billionaire philanthropist and major Harvard donor, will cease donations to the University over its handling of antisemitism on campus, Bloomberg reported Thursday, citing an anonymous source.
HMC Managing Director Joined Business Leaders and Investors in Exclusive Israel Trip
Managing Director of Investment for the Harvard Management Company, Adam Goldstein, joined 65 business leaders and investors for a five day trip to Israel this week.
New Harvard CFO Ritu Kalra Says University Has ‘Repair Work To Do’ Amid Controversy Over Israel-Hamas Response
Harvard Chief Financial Officer Ritu Kalra acknowledged that officials tasked with fundraising have their work cut out for them as they rebuild relationships with donors dismayed by the controversy enveloping the University over its messaging on the Israel-Hamas war.
Harvard’s Gift Officers Are Worried About Backlash Over the School’s Israel-Hamas Response. Here’s Why.
Harvard gift officers are privately worried that some longtime donors will stop giving as a result of the controversy over the University’s response to the Israel-Hamas war and concerns about antisemitism on campus, five Harvard donors said in interviews over the past month.
Harvard Management Co. Decreased Investments in Meta and Alphabet, Sold Biopharma Holdings in Q3
The Harvard Management Company sold a significant percentage of its direct holdings in Meta and Alphabet, as well as the entirety of its direct holdings in several acquired biomedical and pharmaceutical companies, during the third quarter of 2023.
Faculty of Arts and Sciences Ends Fiscal Year 2023 with $62 Million Surplus
Harvard’s Faculty of Arts and Sciences reported a surplus of $62 million for fiscal year 2023, according to a report presented at a faculty meeting Tuesday.
Stop Harvard Land Grabs Coalition Demands Reparations for Former Harvard Farmland Purchases in Brazil
The Stop Harvard Land Grabs Coalition reiterated calls for the University to provide reparations to residents impacted by former holdings in Brazilian farmlands at an annual hybrid panel Wednesday.
Harvard Fails to Meet Boston PILOT Request for 12th Straight Year As Activists Seek Program Revamp
For the 12th time since Boston began making formal requests under revised guidelines in fiscal year 2012, Harvard has again failed to meet the city’s specified contribution to its Payment in Lieu of Taxes program.
By the Numbers: Harvard’s Fiscal Year 2023 Financials
Harvard released its Annual Financial Report on Thursday, which offers a rare glimpse into the University’s finances and investment strategy. Here’s a closer look at the data revealed by this year’s disclosures.
Harvard Ended Fiscal Year 2023 with $186M Budget Surplus
Harvard ended fiscal year 2023 with a $186 million budget surplus — less than half of last year’s value — as the school faced rising costs from investments in its workforce and renewed activity on campus following the pandemic.
Santa Barbara Board Upholds Rejection of Reservoir Construction Project on Former HMC Holdings
The Santa Barbara County Board of Supervisors voted on Tuesday to uphold an earlier county decision that rejected a project to construct three water storage reservoirs on former Harvard University land holdings in central California.
Harvard’s Endowment Could Deliver Poor Returns for the Second Year in a Row
One year after Harvard’s endowment reported a $2.3 billion drop in value — its first year of negative returns since 2016 — financial experts say the school could be headed towards a second straight year of poor investment results.
Harvard’s Men’s Teams Continue to See Higher Coaching Salaries and Budgets Than Women’s Teams
Harvard paid the head coaches of its men’s varsity teams roughly $30,000 more on average than their counterparts leading women’s teams last year, according to a yearly report filed by the Athletics Department.
Could Losing Legacy Admissions Sustain Racial Diversity?
With the fall of affirmative action, some have suggested that elite universities like Harvard could maintain racial diversity by eliminating legacy admissions preferences. But questions linger over whether dismantling the practice would lead to a meaningful expansion in diversity — and whether alumni donation dollars would wither.
Want to Rename Harvard Medical School? The Price is $1 Billion
Harvard Medical School’s naming rights are for sale. The asking price? An unrestricted donation of $1 billion.
Harvard Received $218M in Foreign Funding Since January 2022
Harvard received upwards of $218 million in foreign funding since January 2022, according to recent data from the Department of Education.
Michael McNally To Lead Harvard FAS Fundraising Efforts as Associate Vice President and Dean of Development
Michael McNally, an education and healthcare fundraising official, will return to Harvard for a fourth time to serve as the Faculty of Arts and Sciences’ associate vice president and dean of development, FAS Dean Hopi E. Hoesktra and Vice President for University Alumni Affairs and Development Brian K. Lee announced Monday.
Harvard Will Have to Cover Own Legal Fees From Anti-Affirmative Action Case, First Circuit Rules
A month after the Supreme Court ruled against Harvard and effectively struck down affirmative action in higher education admissions, the University was dealt another legal blow — this time, to its pocketbook.
Judges Cast Doubt on Harvard’s Claim that Insurance Firm Must Cover Admissions Lawsuit Fees
A panel of three federal judges appeared skeptical of Harvard’s claim that Zurich American Insurance Company is responsible for covering the University’s remaining legal expenses during a hearing Wednesday.
Ritu Kalra Named as Harvard CFO and VP for Finance
Ritu Kalra, who currently serves as Harvard’s director of the Office of Treasury Management, will ascend to the post of chief financial officer and vice president for finance, the University announced Tuesday afternoon.
‘You Can’t Eat Prestige’: Graduate Students and Teaching Fellows Strike Over Financial Aid Cuts
In March 1973, about 700 members of Harvard’s Graduate Students and Teaching Fellow Union braved four days of sub-zero temperatures to protest the newly introduced Kraus Plan, which ultimately reduced financial aid for graduate students.
Barakett to Become Harvard Treasurer as Finnegan Steps Down
Timothy R. Barakett ’87 will replace Paul J. Finnegan ’75 as the University’s treasurer beginning July 1, Harvard announced Wednesday afternoon.
Harvard Experiences 18% Jump in Direct Public Portfolio Value in Q1 2023
The value of Harvard Management Company’s direct public investments increased by 18 percent during the first quarter of 2023 as key tech stocks in its portfolio rallied.
CFO Search Has Identified ‘Very Good Candidates,’ Says Harvard Corporation Senior Fellow Penny Pritzker ’81
Harvard Corporation senior fellow Penny S. Pritzker ’81 said “several very good candidates” have been identified in the search for the University’s next chief financial officer.