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The Faculty of Arts and Sciences passed its $2.5 billion capital campaign goal in June, FAS Dean Michael D. Smith said at the Faculty’s monthly meeting Tuesday.
In the spring, The Crimson reported that Harvard surpassed its overall $6.5 billion fundraising goal; last month, the University announced it has raised more than $7 billion total in its fundraising drive with 18 months still on the clock.
Since the launch of the historic capital campaign in September 2013, the FAS campaign benefited from record-breaking donations from alumni. Kenneth C. Griffin '89 gave $150 million in 2014 to help fund the financial aid portion of the campaign, and hedge fund magnate John A. Paulson gave $400 million to endow his now-namesake School of Engineering and Applied Sciences in June 2015.
With strong overall fundraising, many of Harvard’s schools are focusing on fulfilling more specific fundraising priorities.
When the campaign began, administrators outlined fundraising priorities for a range of initiatives, including a revamped financial aid program, a new Allston campus for SEAS, and the renovation of undergraduate Houses. Dunster House, Leverett House’s McKinlock Hall, and Quincy House’s Stone Hall have been renovated in the past three years. Construction crews currently are working on Winthrop House, while Lowell House’s two-year renovation is set to begin next year.
House renewal, however, has taken its toll on FAS’s wallet. In part due to renovation expenses, FAS has seen a “complete depletion” of its unrestricted reserves, according to a May 2016 strategic assessment report.
—Staff writer Jonathan G. Adler can be reached at firstname.lastname@example.org. Follow him on Twitter @JonathanGAdler.
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