University Finances
Bacow Made $570,072 during First Six Months of Presidency, Per Financial Disclosures
University President Lawrence S. Bacow made $570,072 in 2018, the first six months of his term, while former University President Drew G. Faust made $3.6 million in her final six months in office.
Harvard Releases Gift Policy Guide, Outlines Considerations for Philanthropic Gifts
The first-of-its-kind gift policy guide's listed central priorities include “upholding academic freedom," “adhering to institutional values,” and "avoiding conflicts of interest."
Citing the Fall Term's 'Uncertainty,' Harvard Will Not Pursue Layoffs or Furloughs For Now
Harvard will not pursue layoffs or furloughs “at this time" because of “uncertainty” regarding the fall semester, Executive Vice President Katherine N. Lapp wrote in an email Tuesday to Harvard affiliates.
Harvard Will Cut Endowment Payout, Draw on Restricted Funds in FY2021 to Mitigate Revenue Shortfall
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.
Harvard Management Company Public Securities Holdings Plummet in First Quarter
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.
Facing Uncertainty and Unemployment, Employees Express Concerns About Future of Working at Harvard
University employees across a broad range of fields said they were concerned they would be out of work and pay when the school’s extension of guaranteed pay and benefits comes to an end on June 28.
Experts Say Harvard May Encounter ‘Pitfalls’ On its Way To A Greenhouse Gas-Neutral Endowment
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.
Medical School Faces Up to $65 Million in Losses in FY20
Harvard Medical School is facing losses between $39 million and $65 million for the current fiscal year, Dean George Q. Daley ’82 announced in an email to affiliates Thursday.
Responding to University Carbon-Neutral Pledge, Activist Groups Reiterate Divestment Demands
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 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.
Harvard Extends Pay and Benefits to Employees Amid Estimated $415 Million Shortfall
Harvard will extend guaranteed pay and benefits to directly employed staff and contract workers through June 28 as it faces a $415 million shortfall this fiscal year, Harvard Executive Vice President Katherine N. Lapp wrote in an email to Harvard faculty and staff Tuesday morning.
Harvard Asked Its Lawyers to Review the University’s Ties to Jeffrey Epstein. Here’s What They Found.
Harvard will adopt new donation guidelines as a result of its review of donations from the late billionaire and convicted sex offender Jeffrey E. Epstein, University President Lawrence S. Bacow announced in an email to affiliates Friday afternoon.
Radcliffe Institute and Divinity School Particularly Vulnerable to Endowment Decreases
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.
Harvard Will Not 'Seek or Accept' CARES Funding
Harvard will not “seek or accept” the nearly $9 million in funds allocated to it by the Coronavirus Aid, Relief, and Economic Security Act, according to a Wednesday statement from University spokesperson Jonathan L. Swain.
Harvard Faculty Mixed on Carbon-Neutral Endowment Commitment
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.
Divest Harvard Calls University’s Carbon-Neutral Endowment Commitment 'Insufficient'
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.
Trump Says Harvard Will Have to 'Pay Back' CARES Funds
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.
Harvard Endowment Commits to Net-Zero Greenhouse Gas Emissions by 2050
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.
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 Reduces Salary Due to Coronavirus's Financial Toll
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 Will 'Apply the Tourniquet' On Non-Essential Spending, Per CFO Hollister
As Harvard grapples with the financial consequences of the coronavirus pandemic, Vice President for Finance and Chief Financial Officer Thomas J. Hollister said the University will focus its existing funds on teaching and research.
Harvard Has The Largest University Endowment in the World. CFO Hollister Says It Has Its Limits.
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 Faculty of Arts and Sciences Suspends Capital Projects and Faculty Searches After University-Wide Freezes
After Harvard announced University-wide hiring and salary freezes, the Faculty of Arts and Sciences indefinitely placed faculty searches and capital projects on hold.
Harvard Nets Nearly $9 Million in Coronavirus Aid from Federal CARES Act
Harvard University will receive nearly $9 million in aid from the federal government through the Coronavirus Aid, Relief, and Economic Security Act, the Department of Education announced last week.
Harvard Announces Salary and Hiring Freezes, Discretionary Spending Reductions, Potential Deferral of Capital Projects, and Leadership Salary Cuts
Facing dire economic strains brought on by the global COVID-19 pandemic, Harvard is instituting an immediate University-wide salary and hiring freeze, cancelling or deferring discretionary spending, and considering deferring all capital projects.