FAS Fundraising Surges to $222M In Late 2025, Putting School on Track for Record Year

The Faculty of Arts and Sciences raised $222 million in the second half of 2025, $62 million more than it collected during the same period the previous year, according to an internal slidedeck obtained by The Crimson.

The total places the school on track for one of its strongest fundraising years in recent memory.

The surge in donations comes as the FAS grapples with a $365 million budget deficit announced last fall and the fallout from cuts to federal funding. The financial pressures have prompted a series of cost-cutting measures, including decreasing Ph.D. admissions, cutting non-tenure-track faculty budgets, and consolidating staff positions.

According to slides from a January presentation by Dean of FAS Development Michael J. Faber to Alumni Affairs and Development staff, a significant portion of the $222 million came from a small group of large donors.

13 donor households contributed gifts ranging from $5 million to $9.99 million.

The slides also highlight the school’s first eight-figure gift of the year: a $20 million restricted endowment from a single donor who was not named.

When asked for comment, FAS spokesperson James M. Chisholm pointed to remarks made by FAS Dean Hopi E. Hoekstra at a November faculty meeting.

“What we are facing is not a short-term budget gap that can be solved with temporary cuts. Instead we face a structural problem that demands structural solutions,” Hoekstra said.

Some fundraising initiatives tied directly to recent budget decisions have already produced results. At a faculty meeting on Tuesday, FAS Dean Hopi E. Hoekstra announced the school had raised $64 million to endow new Ph.D. fellowships, after graduate admissions were reduced sharply last semester.

The FAS accounted for roughly 25 percent of the University’s total fundraising in the first half of fiscal year 2026, according to Faber’s presentation. Harvard Business School and Harvard Medical School were the next-largest contributors, making up 17 and 18 percent, respectively.

The school also received $95 million in current-use cash during the same period, eclipsing previous contributions in the same period.

The School of Engineering and Applied Sciences reported $21.8 million in gifts and pledges in the first half of fiscal year 2026 — more than triple the average raised during the previous four years.

Of the contributions directed to the FAS, more than $34 million went to the Harvard College Fund, while roughly $35 million was given to the school’s financial aid program.

Harvard has previously seen surges in donations during moments of institutional pressure. In the days following Harvard President Alan M. Garber ’76’s decision to publicly reject the Trump administration’s demands, donors were quick to act — pouring more than $1 million into University coffers in the 24 hours after Garber’s move.

And the University received a record $629 million in current-use donations in fiscal year 2025, the largest total in history — though Harvard posted a $113 million operating loss during the same period, its first since 2020.

In the first half of fiscal year 2026, the University raised $695 million from gift and pledge payments, far outnumbering last year’s total of $440 million for the same period.

Still, Harvard officials have taken a cautious approach to spending.

According to slides from a November 2025 presentation given by Harvard Chief Financial Officer Ritu Kalra to AA&D staff, between 7.5 and 25 percent of the University’s operating base total could be affected by financial pressures imposed by the federal government. The slides, which were obtained by The Crimson, pointed to a potential increase in the endowment tax and risks tied to tariffs, though it did not name specific measures.

Harvard also plans to expand revenue by pursuing philanthropic donations for science and strengthening corporate partnerships, according to the presentation. It outlined plans to streamline operations by using technology and artificial intelligence and to curb growth in staff employment.

A University spokesperson did not respond to a request for comment on the plans.

During the past year — marked by cuts to federal funding — Harvard drew on roughly five percent of reserves, and according to Kalra’s presentation, expects to pull 4.8 percent from reserves in fiscal year 2026.

Within the FAS, leaders have begun implementing structural changes aimed at reducing long-term costs. The school is in early stages of a plan to centralize staff positions, with external consultants from McKinsey & Company advising the effort.

Layoffs have already occurred elsewhere at Harvard. Dozens of employees were laid off from Harvard’s AA&D office on Tuesday, and another 38 information technology workers were laid off last fall.

—Staff writer Abigail S. Gerstein can be reached at [email protected] and on Signal at abbysg.97. Follow her on X @abbysgerstein.

—Staff writer Amann S. Mahajan can be reached at [email protected] and on Signal at amannsm.38. Follow her on X @amannmahajan.