Harvard sees donations slump after series of scandals rocked prestigious college

Harvard University has seen a decline in donations after a series of scandals rocked the prestigious Ivy League.

The university had seen several big-name donors announce they would stop donating to the school over its approach to anti-Semitism on campus, with several criticizing then-president Claudine Gay for allowing pro-Palestinian protests to continue, claiming that it was a matter of freedom of speech. .

Amid the backlash, Gay resigned as president in January as she also faced mounting accusations that she plagiarized her scientific work.

But her resignation apparently failed to quell criticism and win back donors, with donations falling nearly 15 percent last year, according to the university’s report. latest financial report.

It showed that the Ivy League received $1.17 billion in donations in the fiscal year ending June 30 — $1.38 billion less than the year before.

Donations to the university’s multibillion-dollar fund — the university’s investment fund — also fell 34 percent to $368.1 million, although the endowment itself rose 9.6 percent over the fiscal year.

Distributions from that endowment made up 37 percent of Harvard’s revenue for the year.

Meanwhile, a separate form of donations and gifts that the university can spend now increased by 8.6 percent to $527.7 million.

That is the second-highest amount received in Harvard history.

Still, the university’s new president, Alan Garber, expressed dissatisfaction with the numbers in a interview with the Harvard Crimsonthe school newspaper.

“Some of the new commitments have been disappointing compared to previous years,” he admitted.

Several major donors denounced the school and said they would stop donating to the university over its approach to anti-Semitism on campus

Several criticized then-President Claudine Gay for allowing pro-Palestinian protests to continue, claiming it was a matter of freedom of expression.

He has spent the past six months meeting privately with donors and traveling the world to meet with alumni in an effort to win them back, the Crimson reported.

The university also plans to ramp up its recruiting efforts in the spring.

Garber said he hopes new university policies and his own messaging will encourage donors to once again support the Ivy League institution.

He noted in the financial report that task forces at the school are working to “rebuild a sense of belonging, but also genuine acceptance among the members of our community” after the task forces found that Jewish, Muslim and Arab students were all being harassed , bullied and discriminated against during the war in Gaza.

“Despite the superlatives they evoke, our resources are not our greatest strength. Our community is the most important thing,” Garber wrote in a letter at the start of the financial report.

“That is why its renewal and care is of paramount importance, and why we have launched efforts to understand where and how we can improve.”

New university president Alan Garber said he hopes new university policies and his own messaging will encourage donors to once again support the Ivy League institution

Garber has also said he’s already seeing improvements this past school year, and suggested donors might take notice.

“I believe they are reassured by the direction the university is taking,” he told the Crimson. ‘They are relieved, in any case, that this academic year has been a bit quieter so far.

‘More attention will be paid to the university’s mission; for the research and for the education and for the learning that takes place here.’

He even ended his letter on a positive note.

“Our university will emerge from this time stronger – not despite the trial, but because of the trial,” Garber vowed.