University Finances
Harvard President Lawrence Bacow Made $1.1 Million in 2020, Financial Disclosures Show
Harvard University President Lawrence S. Bacow earned $1.13 million in 2020, a pay cut from his compensation during the first full year of his presidency in 2019.
Divest Harvard Releases Report Calling for ‘Reinvestment,’ University Governance Reform
Fossil Fuel Divest Harvard — a student and alumni group that for years advocated that the University divest its endowment from fossil fuels — released a report last week calling on the school to invest more in environmental causes and local municipal governments and to reform its governing boards.
Harvard CFO Says the University’s Revenues Have ‘Rebounded’ to Pre-Pandemic Levels
Vice President for Finance and Chief Financial Officer Thomas J. Hollister said the University’s revenues have “rebounded” to pre-pandemic levels, placing Harvard in a “healthy” financial condition, in an interview last Thursday.
Harvard Issues First-Ever Green Bonds to Finance Campus Construction Projects
Harvard issued its first-ever green bond — debt instruments that align with international sustainability standards — earlier this month.
Harvard Pledges $100 Million to Redress Ties to Slavery
Harvard committed $100 million to redress its ties to slavery after a historic report released Tuesday found that slavery played an “integral” role in shaping the University.
IT Oversight Left Thousands of Harvard Internal Files Vulnerable — Again
Last fall, a massive security oversight allowed anyone with a Harvard key access tens of thousands of administrative files. Up until recently, a second data insecurity allowed Harvard affiliates to still view thousands of documents.
Harvard Divinity School Will Increase Stipend Amounts for Scholarship Packages This Fall
The Harvard Divinity School will increase its stipend payouts for need-based and merit scholarship packages beginning this fall.
After Initial Sell-Off, Harvard Endowment Has Slowly Increased Number of Public Holdings Under Narvekar
The number of stocks in the Harvard endowment has slowly crept back up in recent years after the Harvard Management Company sold off the vast majority of its public holdings when N.P. “Narv” Narvekar took over as its CEO.
Harvard Says it is Not Directly Invested in Russian Companies, but Previous Donations Draw Scrutiny
Harvard does not hold direct investments in Russian companies, University spokesperson Jason A. Newton wrote in a statement to The Crimson Wednesday.
Endowment Scraps Apple, Slashes Facebook Holdings in Fourth Quarter
HMC’s acquisitions and liquidations were reported in its latest filings with the Securities and Exchange Commission, which requires investment managers who oversee more than $100 million in assets to disclose their public securities portfolio each quarter.
Harvard Management Company Operations Set to Become Carbon Neutral
The Harvard Management Company will be carbon neutral in its internal operations for fiscal year 2022 — a first among university endowment offices in the United States — according to the company report released Thursday.
Ten Stories That Shaped 2021
At Harvard, 2021 was a year marked by change. The school’s long-awaited return to in-person operations injected new life into a campus that had been left dormant for over a year by Covid-19. And in an unexpected shift, the University announced its intention to divest its endowment from fossil fuels after a decade of public pressure. Separately, faculty controversies — including a federal conviction and a high-profile departure — ignited debates that rippled across academia. Below, The Crimson looks back at the 10 stories that shaped the last year at Harvard.
Kennedy School Directs Budget Surplus Toward Diversity and Equity Initiatives
HKS Dean Douglas W. Elmendorf said in an interview Tuesday that because of the surplus, HKS broke even over the past two years — an outcome he said was “much better” than the school had feared.
University CFO Says Harvard ‘Moving in the Right Direction,’ Despite Pandemic Costs
Harvard chief financial officer Thomas J. Hollister said the University’s finances are “moving in the right direction” in a Wednesday interview, though he cautioned that officials remain alert in the ever-changing landscape of the Covid-19 pandemic.
Lee Set to Leave Top Post on the Harvard Corporation in June
William F. Lee ’72, who holds the top post on the Harvard Corporation — the University’s highest governing body — is set to leave the board in June after 12 years.
Harvard’s Shareholder Panel Votes On Three Facebook Governance Measures
Harvard’s Committees on Shareholder Responsibility voted on three resolutions presented to Facebook shareholders during the last fiscal year, according to a report published earlier this month.
Harvard Management Company Sells Holdings in Tech, Increases Facebook Investments in Third Quarter
HMC sold its holdings in several technology and pharmaceutical companies while increasing its investments in Facebook in the third quarter of 2021.
Defying Projections, FAS Ends Fiscal Year with $51M Surplus
The Faculty of Arts and Sciences ended fiscal year 2021 with a $51 million surplus, according to the Dean’s annual report, which was presented during a monthly faculty meeting Tuesday.
Despite Historic Returns, Harvard Endowment Still Trails Ivy League Peers
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 Ended Fiscal Year 2021 with $283 Million Surplus, Despite Losing $124 Million in Revenue
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’s Endowment Soars to $53.2 Billion, Reports 33.6% Returns
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.
Nearly 700 Harvard Workers Take Buyout Incentive
Just shy of 700 Harvard employees took buyouts last year as part of an early retirement program designed to cut costs amid the coronavirus crisis.
HMS Dean Outlines Financial, Institutional Goals in State of the School Address
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.
Experts Predict Strong Harvard Endowment Returns Ahead of October Report
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.
Bacow Insists Harvard’s Move to End Fossil Fuel Investments is ‘Consistent’ with Past Positions
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.