Though the Harvard Management Company reported record-breaking returns last Thursday, several financial experts said it still lags behind the performance of key financial indices and its peer institutions.
Harvard Management Company returned 33.6 percent on its investments for the fiscal year ending in June 2021, skyrocketing the value of the University’s endowment to $53.2 billion, the largest sum in its history.
Harvard finished the fiscal year ending in June 2021 with a budget surplus of $283 million, despite a $124 million drop in revenue, according to the University’s annual financial report released Thursday.
Harvard Medical School Dean George Q. Daley ’82 lauded HMS faculty, affiliates, students, and staff for their work during the Covid-19 pandemic and reiterated institutional values in his State of the School address over Zoom Tuesday.
Several financial experts predicted that the Harvard endowment will post returns of at least 20 percent for fiscal year 2021, which would bring the endowment to its largest sum in history.
When University President Lawrence S. Bacow said earlier this month that Harvard would move to end its investments in the fossil fuel industry, the activists who had been pushing him to do so for years celebrated the news as a seismic shift.
Fossil Fuel Divest Harvard plans to encourage the University to invest in green economic initiatives after Harvard’s surprise announcement that it intends to divest from fossil fuels.
Harvard became entangled in a feud over olive oil earlier this year when the California Legislature moved to regulate how the community is labeled — in part in response to the business practices of a company previously owned by Harvard Management Company.
Members of the Harvard Prison Divestment Campaign organized a rally Thursday afternoon calling on Harvard to divest from industries, companies, and funds they say are part of the “prison-industrial complex.”
Following years of public pressure, Harvard said Thursday that it would allow its remaining investments in the fossil fuel industry to expire, meaning that it will eventually divest from the sector.
Harvard will not accept federal aid from the American Rescue Plan Act, the federal stimulus package passed in March — the third time the University has refused rescue funds since the start of the pandemic.
Massachusetts State Reps. Michael L. Connolly and Rep. Erika Uyterhoeven introduced a bill this week that would seek to use the state’s constitutional oversight authority to compel Harvard to divest its holdings in the fossil fuel industry.
University President Lawrence S. Bacow earned $1,224,889 in 2019, his first full year as Harvard’s president, according to financial documents filed by the University earlier this month.
Harvard Corporation Senior Fellow Bill Lee Lauds ‘Really Positive’ Fundraising Year Despite Pandemic
Harvard Corporation senior fellow William F. Lee ’72 said in an interview Wednesday that the University expects high fundraising returns by the end of the fiscal year despite challenges posed by the Covid-19 pandemic.
Harvard administrators outlined responses the University has taken regarding the late convicted sex offender Jeffrey E. Epstein’s ties to Harvard during a monthly meeting of the Faculty of Arts and Sciences Tuesday.
Organizers from Fossil Fuel Divest Harvard — an activist group calling for Harvard to divest from the fossil fuel industry — met with senior staff members from the office of Massachusetts Attorney General Maura T. Healey ’92 Friday to discuss a legal complaint they filed in March over the University’s investments.
The Harvard Corporation voted last week to draw further from the endowment for fiscal year 2022 than initially planned in light of strong stock market returns.
CFO Hollister Predicts Harvard’s Second Consecutive Year of Declining Revenues for First Time Since Great Depression
Vice President for Finance and Chief Financial Officer Thomas J. Hollister forecasted in a Tuesday interview with The Crimson that Harvard will experience its second consecutive year of declining revenues for the first time since the Great Depression of the 1930s.
TPRV Capital, LP — a hedge-fund which launched with $400 million in seed capital from Harvard Management Company in 2017 — announced that it will cease operations, liquidate all assets, and return all of its capital to its investors in an update sent to the Securities and Exchange Commission on March 9.
Harvard boasts the largest endowment of any university in the world and supplements its finances with hundreds of millions of dollars in donations annually. Despite the scale of Harvard’s philanthropic efforts, a sizable gender disparity persists among the University’s donors.
A significant majority of respondents to The Crimson’s annual survey of Harvard’s Faculty of Arts and Sciences — 73 percent — believe the Harvard Corporation’s commitment to achieve net-zero greenhouse gas emissions from its endowment by 2050 is “too slow.”
Politicians, Over 100 Harvard Faculty Back Complaint to State AG Alleging Harvard’s Investments Violate State Law
More than 100 Harvard faculty members and nine local elected officials backed a complaint filed with the Massachusetts Attorney General’s office last week challenging the legality of the University's investment in fossil fuels.
Harvard Graduate Council Passes Emergency Resolution on Atlanta Shootings, Memorandum on Harvard Email Access
The Harvard Graduate Council heard a presentation on University finances and approved a memorandum recommending extended access to Harvard email addresses during a public meeting Wednesday evening, which took place just hours after the Council passed an emergency resolution in response to last week’s shootings in Atlanta, Ga.
Bacow Hopes for ‘As Close to a Traditional’ Post-Covid Commencement As Possible for Classes of ’20, ’21
University President Lawrence S. Bacow said in an interview Thursday that Harvard intends for future in-person celebrations for the Classes of 2020 and 2021 to closely mirror traditional Commencement Exercises with just “as much pomp and circumstance.”