Crimson staff writer
Luke W. Vrotsos
After more than a year of uncertainty, the Internal Revenue Service issued proposed guidance on Friday for higher education institutions — including Harvard — required to pay a new tax on their endowments.
Harvard has reduced its debt load by roughly $1 billion and increased its reserves in preparation for a potential future recession, University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Wednesday.
New Harvard Management Company Website Removes Divestment Information, Defends Natural Resources Holdings
Harvard Management Company updated its website within the last month to remove any mention of past instances of divestment and to include references to its protocols on its investment in land and agriculture.
Among some of the corporations that have expanded into the region in recent years is an unlikely investor — the Harvard Management Company. HMC, the University’s investment arm, oversees Harvard’s nearly $40 billion endowment.
Harvard Management Company, the University’s investment arm, invests more heavily in technology companies than the other four largest university endowments in the country, according to the most recent U.S. Securities and Exchange Commission filings.
Harvard raised $1.42 billion in fiscal year 2018, the University’s largest-ever annual fundraising sum, and a higher education record. The total represents a more than 10 percent growth over its fiscal year 2017 donation income.