Harvard University has experienced a $151 million drop in fundraising for fiscal year 2024. That represents a 14% decline compared to last year and marks one of the largest decreases in a decade.
Breaking down the figures, contributions to the endowment fell by $193 million from the previous fiscal year. However, the university benefitted from an increase of $42 million in current-use gift donations.
Endowment gifts are critical for Harvard’s long-term financial health, as they fund scholarships, research and operational costs. Unlike current-use gifts, which can be spent immediately, endowment contributions are preserved, with only their investment returns available for use…