(MENAFN) Harvard University saw donations drop by USD 151 million, or 14%, in the 2024 fiscal year. Contributions to its endowment fell by almost USD 193 million, but donations for immediate use increased by USD 42 million. The decline in support is attributed to backlash over the university’s handling of antisemitism following the Hamas attack on Israel.
This decline is one of the largest in the past decade, straining relations with alumni who have called for the resignation of university leaders. The situation has affected donor sentiment, as reported by the Harvard Crimson.
Harvard President Alan Garber acknowledged disappointing new donor commitments but is hopeful for improvement. He noted this academic year has been quieter, which may help restore donor confidence.
The university’s financial report warned that current fundraising levels may not be sustainable. Donations for immediate use, which made up about 8% of operating revenue for 2024, exceeded USD 525 million, the second highest in Harvard’s history. However, officials cautioned that maintaining this level of support might be challenging in the future, emphasizing the need for ongoing donor support for its academic mission.
`
