Harvard University has seen donations plummet following a series of scandals that rocked the prestigious Ivy League.
The university had seen several big-name donors announce that they would stop donating to the school over its handling of anti-Semitism on campus, and several criticized then-president Claudine Gay for allowing the pro-Palestine protests to continue, who stated that it was an issue of freedom of expression. .
Amid the backlash, Gay resigned as president in January, while also facing mounting accusations of plagiarism of her academic work.
But his resignation apparently failed to stem criticism or win back donors, as donations fell nearly 15 percent from last year, according to the university report. latest financial report.
It showed that the Ivy League received $1.17 billion in donations in the fiscal year that ended June 30, down $1.38 billion from the previous year.
Harvard University (pictured) has seen its donations plummet following a series of scandals that rocked the Ivy League institution.
Donations to the university’s multibillion-dollar endowment – the university’s investment fund – also fell 34 percent to $368.1 million, although the endowment itself rose 9.6 percent during the fiscal year.
Distributions from that endowment accounted for 37 percent of Harvard’s income for the year.
Meanwhile, a separate form of donations and gifts the university can now spend rose 8.6 percent to $527.7 million.
This is the second highest amount received in Harvard history.
Still, the university’s new president, Alan Garber, expressed dismay at the numbers in a interview with Harvard Crimsonthe school newspaper.
“Some of the new commitments have been disappointing compared to previous years,” he admitted.
Several big-name donors denounced the school and said they would stop donating to the university over its handling of anti-Semitism on campus.
Several criticized then-president Claudine Gay for allowing the pro-Palestine protests to continue, claiming it was a matter of freedom of expression.
He has spent the past six months meeting privately with donors and has traveled around 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 the new university policies and his own messaging will encourage donors to once again support the Ivy League institution.
It noted in the financial report that task forces at the school are working to “rebuild not only a sense of belonging, but also genuine acceptance among members of our community” after task forces discovered that all Jewish students , Muslims and Arabs were harassed. intimidated and discriminated against in the midst of the war in Gaza.
‘Despite the superlatives they invite, our resources are not our greatest strength. Our community is what matters most,” Garber wrote in a letter at the beginning of the financial report.
“That is why its renewal and care are essential, and that is why we have launched efforts to understand where and how we can improve.”
The university’s new president, Alan Garber, said he hopes the 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 over the past school year and suggested donors might be noticing.
“I think they feel comfortable about the direction the university is taking,” he told the Crimson. ‘At least they are relieved because so far this academic year has been somewhat calmer.
“More attention is being paid to the mission of the university: to the research, teaching and learning that happens here.”
He even concluded his letter by adopting a positive tone.
“Our university will emerge stronger from this time, not despite being tested, but because of it,” Garber promised.