Bacow recently met with an official from the Treasury Department, which is responsible for developing regulations for the new endowment tax.
Ranging from endowment taxes to the survival of its controversial social group sanctions, the University has a large stake in this year’s midterms.
After Harvard's endowment saw the second-worst rate of return on investment in the Ivy League, HMC CEO N.P. “Narv” Narvekar said in the latest annual financial report that he is "not pleased" with the past year's returns.
The Columbia Investment Management Company, which manages the New York school’s finances, announced that the gains brought its total endowment to $10.9 billion.
Amid fiscal hurdles, Bacow — an economist by training — is examining the University’s financials at the macro level. He’s already looking ahead to when the next recession hits.
Bacow said the brand-new, Republican-backed tax on Harvard's $39.2 billion endowment will deal a blow to the University — but added he will protect the school's financial aid programs at almost any cost.
The returns, bringing the endowment's total value to $39.2 billion, mark an improvement from last year’s return of 8.1 percent and a serious turn-around from the loss of $2 billion in fiscal year 2016.
Caltech's Brian K. Lee will oversee Harvard's fundraising efforts as the next Vice President for Alumni Affairs and Development.