In the first quarter of 2020, as the novel coronavirus pandemic began to roil the global economy, the overall value of public securities held by Harvard Management Company plummeted 32 percent, from $945 million to $639 million.
University employees across a broad range of fields said they were concerned they would be out of work and pay when the school’s extension of guaranteed pay and benefits comes to an end on June 28.
Harvard pledged last month to achieve net-zero greenhouse gas emissions in its endowment by 2050. But experts say a number of intermediate steps may pose logistical and environmental challenges for the University.
Harvard Medical School is facing losses between $39 million and $65 million for the current fiscal year, Dean George Q. Daley ’82 announced in an email to affiliates Thursday.
After Harvard pledged to transition its endowment to carbon-neutral by 2050, fossil fuel divestment activists wrote a letter to University administrators Wednesday urging them to take “drastic climate action.”
Harvard Medical School Faculty Pen Letter to President Bacow Expressing Disappointment with Endowment Decision
Roughly 170 members of the Harvard Medical School faculty and their supporters sent a letter to University President Lawrence S. Bacow on Sunday criticizing the school’s plan to commit its $40.9 billion endowment to net-zero greenhouse gas emissions by 2050.
Harvard will extend guaranteed pay and benefits to directly employed staff and contract workers through June 28 as it faces a $415 million shortfall this fiscal year, Harvard Executive Vice President Katherine N. Lapp wrote in an email to Harvard faculty and staff Tuesday morning.
Harvard Asked Its Lawyers to Review the University’s Ties to Jeffrey Epstein. Here’s What They Found.
Harvard will adopt new donation guidelines as a result of its review of donations from the late billionaire and convicted sex offender Jeffrey E. Epstein, University President Lawrence S. Bacow announced in an email to affiliates Friday afternoon.
Losses to the University’s endowment due to the coronavirus pandemic may have a disproportionate impact on the Radcliffe Institute for Advanced Study and the Harvard Divinity School, which draw high proportions of their budget from the endowment.
The Harvard Management Company has committed to achieving net-zero greenhouse gas emissions by 2050, University President Lawrence S. Bacow wrote in a message to faculty Tuesday afternoon.
Though most faculty members support the University’s commitment to net-zero greenhouse gas emissions from its endowment by 2050, they are divided over whether the plan — announced on Tuesday — goes far enough.
Divest Harvard, a student group calling on the University to divest from the fossil fuel industry, argues that Harvard’s commitment to making its endowment carbon-neutral by 2050 falls short of achieving their goal of total withdrawal from the industry.
President Donald Trump said in a press conference Tuesday evening that he would request that Harvard return the nearly $9 million it was granted as part of the Coronavirus Aid, Relief, and Economic Security Act.
Facing Backlash, Harvard Will Allocate 100 Percent of CARES Act Funds to Student Financial Assistance
After receiving backlash for the nearly $9 million in funding it netted under the Coronavirus Aid, Relief, and Economic Security Act, Harvard will allocate 100 percent of the federal aid to student financial assistance.
Harvard Law School Dean John F. Manning ’82 announced in an April 14 email to the Law School that he will reduce his salary for the coming year due to the financial crisis caused by the coronavirus pandemic.
As Harvard grapples with the financial consequences of the coronavirus pandemic, Vice President for Finance and Chief Financial Officer Thomas J. Hollister said the University will focus its existing funds on teaching and research.
As the coronavirus pandemic devastates the global economy, Vice President for Finance and Chief Financial Officer Thomas J. Hollister said in a Thursday interview that administrators will seek to balance the University’s long-term financial welfare with its need for immediate financial support when utilizing the school’s endowment.
Harvard Faculty of Arts and Sciences Suspends Capital Projects and Faculty Searches After University-Wide Freezes
After Harvard announced University-wide hiring and salary freezes, the Faculty of Arts and Sciences indefinitely placed faculty searches and capital projects on hold.
Harvard University will receive nearly $9 million in aid from the federal government through the Coronavirus Aid, Relief, and Economic Security Act, the Department of Education announced last week.
Harvard Announces Salary and Hiring Freezes, Discretionary Spending Reductions, Potential Deferral of Capital Projects, and Leadership Salary Cuts
Facing dire economic strains brought on by the global COVID-19 pandemic, Harvard is instituting an immediate University-wide salary and hiring freeze, cancelling or deferring discretionary spending, and considering deferring all capital projects.
Harvard Faculty of Arts and Sciences Unable to Cover FY2020 Budget After Netting $30 Million in Coronavirus Losses
Harvard’s Faculty of Arts and Sciences is unable to cover its budget for Fiscal Year 2020 after incurring more than $30 million in “unforeseen expenses and lost revenue” due to the coronavirus pandemic, FAS Dean Claudine Gay wrote in an email to faculty and staff Friday.
Harvard has announced its commitment to the COVID-19 Technology Access Framework, which allows the use of non-exclusive and royalty-free licenses of intellectual property rights for products aimed at combating the coronavirus pandemic.
Harvard will sell up to $573 million in revenue bonds through a state agency and use the proceeds to refinance outstanding debt, and sell $500 million in taxable bonds for “corporate purposes,” according to a report from Moody’s Investors Service this week.
Executive and continuing education programs — a growing source of revenue for the University — have been stymied by campus closure, the latest in a mounting number of financial challenges Harvard will face as a result of the coronavirus pandemic.