Harvard and more than 30 other colleges and universities jointly submitted their formal opposition to the United States Treasury’s proposed rules for implementing a tax on some universities’ endowments that was originally passed into law in December 2017.
The returns were announced in a note from HMC CEO N.P. “Narv” Narvekar to University affiliates Friday morning, and represent the lowest return rate in two years — 2018 saw a 10.1 percent return, while 2017 yielded 8.1 percent. Despite the low rate, the endowment exceeded $40 billion for the first time in its history.
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.
Amid outcry over controversial gifts to the University, Harvard has kept its donation acceptance policies under wraps.
Former University President Drew G. Faust made just over $1.7 million in compensation in 2017, her last full year as Harvard’s president. While Faust’s tenure ended last June, current University President Lawrence S. Bacow’s compensation will not be released for another year.
Forty-five percent of Harvard’s annual revenue comes from donors — either as endowment returns or direct gifts — University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Wednesday.
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.
Harvard Management Company is now investing in a new cryptocurrency, Blockstack, according to Securities and Exchange Commission filings released Wednesday, a move some experts have said is still unusual for investors of its magnitude.
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.
Amid Harvard’s dismissal of calls for fossil fuel divestment, Harvard Management Company — the group that oversees the University’s $39.2 billion endowment — has been one of the lead investors in a methane emissions reduction working group started in 2017.
The newest offering is the College’s 50th field of concentration. Previously, students interested in the field received a bachelor of arts or a bachelor of science in the Engineering Sciences concentration on a special track.
Last year, continuing and executive education brought in over $450 million in tuition revenue — a growth of over 11.5 percent from the previous year and over 60 percent over the past seven years.
The trial dominated news cycles, earning front-page coverage from national outlets and spurring papers including the New York Times and the Wall Street Journal to publish articles explaining how Harvard evaluates high schoolers.
“It is entirely appropriate for them to believe that it would be wonderful if their children could also enjoy the same benefits that they enjoyed as students,” Simmons said of alumni of Ivy League institutions like Harvard.