Harvard Business School raised close to $1.4 billion in the University’s recently concluded capital campaign, surpassing the school’s original goal by nearly $400 million, according to Business School Spokesperson James E. Aisner ’68.
The University-wide fundraising effort, which began in 2013 and ended in June, brought in a grand total of $9.6 billion for Harvard, a record high for U.S. higher education fundraising.
The campaign —the Business School’s second-ever — brought in $225 million designated for financial aid and $346 million for faculty and research. The inaugural campaign, which concluded in 2006, raised $600 million, at that time a record for business schools.
In an email to campaign donors, Business School Dean Nitin Nohria said he was grateful for their “commitment to this remarkable institution.”
“Your generosity fueled our efforts to deliver a transformational educational experience that develops leaders of competence and character,” Nohria wrote. “These leaders — people like you who create real value for society — truly make a difference in the world.”
The Business School also reported “significant strides” in alumni engagement throughout the campaign. Nearly 27,000 individuals contributed to the campaign, including 59 percent of MBA alumni. Additionally, first-year reunion attendance has increased 65 percent since 2013, according to Aisner.
Aisner wrote that 45 percent of the campaign funds will be allocated to the endowment, 38 percent will be for “current use,” and 13 percent reserved for capital projects. A remaining four percent is currently to be determined or undesignated. Aisner identified development at Tata Hall, Chao Center, Esteves Hall, Pagliuca Harvard Life Lab, and Klarman Hall as “key campus projects.”
Over the course of the campaign, the School has used funds to develop and strengthen many signature programs, including the online extension school HBX, as well as a joint MS/MBA degree with the School of Engineering and Applied Sciences. Funds from the campaign will also support 27 associate professorships at the Business School, Aisner wrote.
In his email, Nohria added the School will publish more details about the campaign in its upcoming December alumni newsletter.
—Staff writer Grace A. Greason can be reached at firstname.lastname@example.org.