Harvard University experienced a significant drop in donations in fiscal year 2024, with contributions falling nearly 15% to $1.17 billion from $1.38 billion in 2023. This decline comes after the university faced intense criticism for its handling of antisemitism on campus, prompting several major donors to withdraw their support.
Donations to Harvard’s endowment, a critical source of funding, saw an even steeper decline of 34%, dropping from $561 million to $368 million. This decrease is largely attributed to the backlash over the university’s response to anti-Israel protests and allegations that it failed to protect Jewish students.
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High-profile donors, including billionaire Len Blavatnik and the Wexner Foundation, publicly cut ties with Harvard, citing concerns over the university’s inaction against antisemitism. Former President Claudine Gay faced scrutiny for her refusal to condemn calls for the genocide of Jews during a congressional hearing, ultimately leading to her resignation.
Alan Garber, who succeeded Gay as president, acknowledged the university’s challenges in the financial report. He emphasized Harvard’s commitment to combating antisemitism and fostering a more inclusive environment.
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This decline in donations mirrors a similar trend seen at Columbia University, which also experienced a significant drop in contributions following anti-Israel protests. These financial repercussions highlight the growing concern among donors regarding universities’ handling of antisemitism and free speech on campus.
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