More than 120 Harvard faculty signed a letter sent to University President Lawrence S. Bacow Thursday questioning the Harvard Corporation’s decision to cut this year’s endowment payout.
The Harvard Corporation — the University’s highest governing body — moved to reduce the endowment payout for Fiscal Year 2021 by 2 percent and to make a special assessment of restricted assets as it projects a $750 million revenue shortfall.
In the first quarter of 2020, as the novel coronavirus pandemic began to roil the global economy, the overall value of public securities held by Harvard Management Company plummeted 32 percent, from $945 million to $639 million.
Harvard pledged last month to achieve net-zero greenhouse gas emissions in its endowment by 2050. But experts say a number of intermediate steps may pose logistical and environmental challenges for the University.
Harvard Medical School Faculty Pen Letter to President Bacow Expressing Disappointment with Endowment Decision
Roughly 170 members of the Harvard Medical School faculty and their supporters sent a letter to University President Lawrence S. Bacow on Sunday criticizing the school’s plan to commit its $40.9 billion endowment to net-zero greenhouse gas emissions by 2050.
After Harvard pledged to transition its endowment to carbon-neutral by 2050, fossil fuel divestment activists wrote a letter to University administrators Wednesday urging them to take “drastic climate action.”
Harvard Law School affiliates are circulating a petition calling for the Law School Administrative Board to stop investigating three students involved in an October 26 silent protest by the Harvard Prison Divestment Campaign.
Losses to the University’s endowment due to the coronavirus pandemic may have a disproportionate impact on the Radcliffe Institute for Advanced Study and the Harvard Divinity School, which draw high proportions of their budget from the endowment.
Divest Harvard, a student group calling on the University to divest from the fossil fuel industry, argues that Harvard’s commitment to making its endowment carbon-neutral by 2050 falls short of achieving their goal of total withdrawal from the industry.
President Donald Trump said in a press conference Tuesday evening that he would request that Harvard return the nearly $9 million it was granted as part of the Coronavirus Aid, Relief, and Economic Security Act.
The Harvard Management Company has committed to achieving net-zero greenhouse gas emissions by 2050, University President Lawrence S. Bacow wrote in a message to faculty Tuesday afternoon.
Though most faculty members support the University’s commitment to net-zero greenhouse gas emissions from its endowment by 2050, they are divided over whether the plan — announced on Tuesday — goes far enough.
Facing Backlash, Harvard Will Allocate 100 Percent of CARES Act Funds to Student Financial Assistance
After receiving backlash for the nearly $9 million in funding it netted under the Coronavirus Aid, Relief, and Economic Security Act, Harvard will allocate 100 percent of the federal aid to student financial assistance.
Harvard Law School Dean John F. Manning ’82 announced in an April 14 email to the Law School that he will reduce his salary for the coming year due to the financial crisis caused by the coronavirus pandemic.
Harvard Business School Dean Nitin Nohria and Business School Executive Dean for Administration Angela Q. Crispi announced in an email last Monday that unforeseen coronavirus-induced economic complications have disrupted the school’s economic model.
As the coronavirus pandemic devastates the global economy, Vice President for Finance and Chief Financial Officer Thomas J. Hollister said in a Thursday interview that administrators will seek to balance the University’s long-term financial welfare with its need for immediate financial support when utilizing the school’s endowment.
Harvard Collaborates with Higher Education Lobbyists As Challenges Grow for Colleges and Universities
Harvard is working with higher education lobbying groups to alleviate unforeseen challenges presented by the global coronavirus pandemic, according to University Spokesperson Jason A. Newton.
With students forced to vacate campus as a result of the COVID-19 pandemic, Divest Harvard — a student group calling for the University to divest from fossil fuels — said in a Friday press release that the impact of climate change bears similarities to the ongoing outbreak and pledged to continue its efforts.
Vice President for Finance and Chief Financial Officer Thomas J. Hollister says Harvard is better prepared for a potential economic downturn due to the coronavirus outbreak than it was during the 2008 recession.
The COVID-19 pandemic has nearly emptied Harvard’s campus and plunged the world into serious financial crisis — and Harvard's endowment is no exception.