Harvard Current-Use Gifts Rise 9 Percent to Record $684 Million

Harvard received a record $684 million in current-use gifts in fiscal year 2026, a 9 percent increase that marked the second consecutive year of record giving, according to the University’s annual financial report released Thursday.

But after donors redesignated $41 million in gifts from previous years to the endowment, Harvard recorded just $643 million in current-use operating revenue — an increase of roughly 2 percent from the $629 million reported last year.

The University reported more than $1.5 billion in total gifts for fiscal year 2026, and philanthropy now accounts up 48 percent of operating revenue, including both current-use gifts and endowment distribution.

The two consecutive years of record giving stand in stark contrast to fiscal year 2024, when major Harvard donors paused or withdrew gifts following the University’s response to campus antisemitism. Though current-use gifts still increased that year, total philanthropic contributions fell significantly by $151 million, one of the steepest drops in a decade.

Harvard saw a major shift in 2025. After the Trump administration sent a list of conditions on its federal funding in April, Harvard publicly rebuked the demands, prompting a surge in online giving that month as supporters praised the University’s response.

Harvard Kennedy School specifically saw a particularly sharp increase in the share of its revenue from current-use gifts. While the financial report does not list specific dollar amounts, the category nearly doubled as a share of the school’s operation revenue, rising from 19 percent in fiscal year 2025 to 36 percent this year.

But the University-wide unrestricted current-use gifts fell 21 percent, from nearly $203 million to just over $160 million. Last year’s total reflected a spike of nearly 54 percent, and this year’s total remains above the fiscal year 2024 level.

Restricted current-use gifts, which donors designate for specific purposes, rose 13 percent.

Outstanding pledges for future current-use gifts rose 9 percent, from $869 million to $948 million, though the report does not specify how much of the total is unrestricted.

Current-use gifts are donations the University spends in the year they arrive or soon after, rather than investing them in the endowment. They can be unrestricted or designated for purposes chosen by donors.

The increase comes as the University ramps up its fundraising efforts. Harvard’s Alumni Affairs and Development office brought on more than 20 top fundraisers this fall in a hiring push focused on major gifts.

Harvard is also quietly weighing a fundraising push for $500 million for the University’s scientific research, and Harvard President Alan M. Garber ’76 launched a new faculty committee this summer to plan long-term priorities for scientific research. The University also allocated $150 million to fund new innovative projects last month.

This spring, a successful Faculty of Arts and Sciences campaign raised $100 million for endowed Ph.D. fellowships, meeting its goal within four months. The FAS announced another $100 million challenge immediately after.

Chief Financial Officer Ritu Kalra and Treasurer Timothy R. Barakett ’87 acknowledged the growing importance of current-use gifts in the financial report, thanking donors for including Harvard in their philanthropy.

“As the financial model underpinning American research universities changes, our donors’ generosity has become more essential than ever,” they wrote.

—Staff writer Megan L. Blonigen can be reached at [email protected] and on Signal at mblon.50. Follow her on X at @MeganBlonigen.