Harvard University has experienced a 15% drop in donations, as alumni express frustration over the school's response to recent incidents of antisemitism and student protests related to the Israel-Hamas war.
Harvard University, known for its prestigious academic standing and the world's largest endowment, saw the decline in donations during the 2024 fiscal year. According to a Thursday financial report, contributions dropped 15% to $1.17 billion, down from $1.38 billion the previous year.
The decrease marks the most significant downturn in Harvard's donations in nearly a decade.
The drop-off coincides with growing criticism from prominent alumni regarding the university's response to antisemitic incidents on campus, which were exacerbated by heightened tensions following the Israel-Hamas war. The divisive atmosphere at Harvard has led several major donors to distance themselves from the institution.
Ken Griffin, a billionaire and long-time Harvard supporter, was one of the first to announce his decision to halt future donations. Griffin condemned the university's handling of antisemitism and expressed concern that the institution had strayed from its mission of shaping future leaders.
"Until Harvard makes it very clear that they're going to resume their role as educating young American men and women to be leaders, to be problem solvers, to take on difficult issues, I'm not interested in supporting the institution," Griffin told CNBC earlier this year.
Another influential donor, Len Blavatnik, also decided to stop contributions. Blavatnik, whose family foundation has donated over $270 million to Harvard, reportedly withdrew support in solidarity with other disillusioned donors.
Harvard's financial report also revealed a 34% decline in donations specifically directed to its endowment fund, which dropped to $368.1 million from $560.6 million the previous year. Despite the reduced contributions, the university's endowment still grew by 9.6 % during the fiscal year, bringing its total value to a record $53.2 billion.
The controversy surrounding Harvard's handling of antisemitism has been a central issue for the university. In January, criticism intensified when then-Harvard President Claudine Gay testified before Congress. Her testimony sparked backlash and, along with unrelated accusations of plagiarism, ultimately led to her resignation earlier this year.
Despite the overall decline in donations, Harvard saw an increase in so-called "current use donations," which can be spent immediately. These contributions reached over $525 million, making it the second-highest total in the university's history for that category.
Harvard President Alan Garber acknowledged the disappointing numbers in an interview with The Harvard Crimson.
"Some of the new commitments have been disappointing compared to past years," Garber said.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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