Donations to Harvard University dropped nearly 15 percent over the past year, following announcements by some billionaire donors to stop their contributions to the university due to concerns over anti-Semitism.
In its financial report on Thursday, Harvard revealed it received $1.17 billion in gifts for the year ending June 30, down from $1.38 billion the previous year.
Donations to Harvard’s endowment dropped 34 percent to $368.1 million, despite the endowment itself growing by 9.6 percent. Its total value reached $53.2 billion, a $2.5 billion increase from $50.7 billion at the close of fiscal year 2023.
“In fiscal year 2024, support from past and present donors provided 45 percent of revenue through current use gifts and endowment income, reflecting their generosity and belief in the broad impact of education and research at Harvard,” the report said.
On Oct. 7, the Hamas terrorist group launched a land, sea, and air attack on Israel from Gaza, killing around 1,200 Israelis, injuring more than 2,000, and abducting 251 as hostages.
Protests have erupted across U.S. college campuses following the massacre, as Israel announced plans for a military campaign to dismantle Hamas’s military capabilities in Gaza.
The Harvard Undergraduate Palestine Solidarity Committee (PSC) publicly released a letter via Instagram, co-signed by over 30 student organizations, stating that they held “the Israeli regime entirely responsible for all unfolding violence.”
The statement was swiftly met with widespread condemnation from politicians across the political spectrum, Harvard faculty, and the public.
Amid the intense backlash, several college student organizations begun retracting their support for the PSC letter, which justified Hamas’s actions in its conflict with Israel.
In response to rising concerns over anti-Semitism on campus, the Harvard College Jewish Alumni Association (HCJAA) sent an open letter,signed by 1,600 alumni, to Harvard President Claudine Gay and Dean Rakesh Khurana, vowing to withhold donations if Harvard didn’t take urgent action to address anti-Semitism on campus.
“We never thought that, at Harvard College, we would have to argue the point that terrorism against civilians demands immediate and unequivocal condemnation,” wrote the HCJAA letter. “We never thought we would have to argue for recognition of our own humanity.”
Rebecca Claire Brooks, a co-founder of the HCJAA, told CNN that “some of them are very influential donors and some of them are sort of more normal-sized donors. But we’re speaking in one unified voice in response to this moment.”
Billionaire investor Kenneth Griffin, who has donated over $500 million to Harvard, announced in January that he paused his donations due to concerns about the university’s handling of anti-Semitism and leadership issues.
That same month, Gay resigned as Harvard’s president after facing criticism over her response to campus anti-Semitism as well as allegations of plagiarism.
High-profile billionaire alumni, such as Pershing Square founder Bill Ackman and former Victoria’s Secret CEO Leslie Wexner, have warned that Harvard could face a donor exodus if it fails to address the issue. Investor Len Blavatnik’s family foundation had already stopped donations late last year due to similar concerns.
The report on Thursday acknowledged that the school had experienced a challenging year.
President Alan Garber wrote, “Our task forces to combat antisemitism, anti-Israel bias, and anti-Arab, anti-Muslim, anti-Palestinian bias are focused on rebuilding not only a sense of belonging but also genuine acceptance among members of our community.”