Harvard University saw donations plummet by nearly 15% last year after a year marked by a donor backlash over the Ivy League institution’s handling of campus antisemitism.
The Ivy League institution saw total philanthropic giving decline to $1.17 billion in Fiscal Year 2024 ending June 30, representing the lowest fundraising haul since 2015.
Harvard President Alan Garber, who took over in January upon the resignation of President Claudine Gay, called the figures “disappointing.”
“Some of the new commitments have been disappointing compared to past years,” Mr. Garber told The Harvard Crimson. “There are also some indications that we will see improvements in the future.”
The decline was driven by a decrease in contributions to the endowment, which dropped from $561 million to $368 million. Even so, the endowment’s value grew by 9.6% on investment returns to $53.2 billion, according to the financial report released Thursday.
Garber said that he believes alumni and donors are “reassured by the direction that the University is taking.”
— Harvard Jewish Alumni Alliance (@HarvardJews) October 17, 2024
Having our own dismay represented as reassurance is not, as indicated, reassuring https://t.co/NJRIfZZVlq
University officials had warned for months about the fundraising woes, which came with the campus rocked by anti-Israel protests and Ms. Gay’s resignation following a disastrous congressional hearing in May and a plagiarism scandal.
The university was hotly criticized for its tepid response to a letter signed by 33 student groups saying that they “hold the Israeli regime entirely responsible for all unfolding violence” immediately after the Oct. 7, 2023, attack, which left 1,200 Israeli civilians and others dead.
Six students have sued Harvard, accusing the university of failing to address “severe and pervasive” antisemitism on campus.
Billionaire donors who publicly ceased or paused their support include hedge fund manager Ken Griffin, who had given $500 million to the school; Len Blavatnik, who donated $200 million to Harvard Medical School in 2018, and hedge fund manager Bill Ackman, who led a donor revolt.
More than 400 people have signed the Harvard Jewish Alumni Alliance’s $1 Pledge “committing to donate one dollar, and no more, to the University for the foreseeable future.”
“A campus culture has developed in which Jews feel unsafe, and there have been several instances of intimidation and even violence leveled at Jewish students,” the alliance’s statement said. “And those who do not adhere to an increasingly militant ideological line are unwelcome.”
Mr. Garber said that alumni have been “relieved, at least that so far, this academic year has been somewhat quieter,” although the campus has continued to grapple with anti-Israel outbursts.
The university is investigating antisemitic stickers found last week on campus that showed an Israeli flag with the Star of David replaced by a swastika and the message “Stop Funding Israeli Terrorism.”
More than 100 students participated Thursday in a silent “study-in” at the Harvard Law School Langdell Library to protest “Harvard’s complicity in Israel’s genocide.”
The previous day, 25 professors held a “study-in” at Widener Library to protest the university’s decision to suspend a dozen student activists from Widener for staging a silent protest in violation of campus rules against protests in libraries, according to the Crimson.
• Valerie Richardson can be reached at vrichardson@washingtontimes.com.
Please read our comment policy before commenting.