University Finances

Harvard Plans To Renovate 4 Major Libraries Ahead of 400th Anniversary

Martha Whitehead, vice president of the Harvard Library, announced plans to renovate the four major libraries in Harvard Yard — Widener, Lamont, Pusey, and Houghton — during a faculty meeting last week.

Ivy League Federal Lobbying Expenditure Rose 12% in 2023, Harvard Spent $530,000

Harvard spent $530,000 on lobbying the federal government in 2023, the lowest amount spent by the University in the past nine years.

In Private, Garber Acknowledges Harvard Has a Fundraising Problem

Interim Harvard President Alan M. Garber ’76 has publicly pushed back against suggestions that the University is facing a fundraising crisis. But in private, Garber has struck a different tone with alumni and donors.

Harvard Endowment’s Fossil Fuel Investments Drop Below 2%

The Harvard Management Company — which stewards the University’s $50.7 billion endowment — reported the endowment’s investments in fossil fuels have fallen below 2 percent, as the University remains on pace to fully divest from the industry by 2050.

Michael Chae ’90, Blackstone CFO, Joins Harvard Management Company’s Board of Directors

The Harvard Corporation — the University’s highest governing body — tapped Michael S. Chae ’90, chief financial officer of Blackstone, to become the newest member of the Harvard Management Company’s board of directors.

U.S. Justice Dept. Charges Harvard Kennedy School Fellow with Arms Trafficking

Harvard Kennedy School fellow Peter B. Ajak was charged with conspiring to illegally export “millions of dollars’ worth” of weapons to armed groups in South Sudan, according to the U.S. Department of Justice.

Harvard Attracts Investors, Selling $750 Million in Taxable Bonds

After two credit rating agencies affirmed the University’s AAA rating, Harvard sold $750 million in taxable bonds at an advantageous rate, demonstrating strong investor faith in the school despite weathering a series of scandals last fall.

Starting This Spring, Google to Limit Storage on Higher Education Accounts

Harvard University Information Technology will begin enforcing a default storage limit of 25 gigabytes on Google accounts starting this spring, according to a statement released by Faculty of Arts and Sciences administrators last week.

Harvard’s AAA Credit Rating Reaffirmed by S&P Amid Leadership Crisis and Donor Turmoil

Harvard will maintain its AAA credit rating from S&P, the credit rating agency announced in a report on Thursday, easing concerns that the University could see its rating downgraded amid the ongoing leadership crisis and a growing list of major donors cutting ties with the school.

Harvard University to Enter the Debt Market for $750 Million Taxable Bond Sale

Harvard will officially enter the debt market on Friday when it issues $750 million in taxable bonds with the intention to use the capital raised for “general corporate purposes” and to pay the costs of bond issuing, according to a preliminary offering notice released on Thursday.

Harvard Plans $1.65 Billion Debt Financing Amid Donor Turmoil

Harvard announced it is exploring a $1.65 billion bonds sale in an attempt to raise capital through debt financing despite poor macroeconomic conditions, a move that comes after the University faced months of donor backlash.

Billionaire Megadonor Ken Griffin Says He Will Stop Donations to Harvard

Billionaire hedge fund manager Kenneth C. Griffin ’89 said he is pausing donations to Harvard over its handling of antisemitism on campus, a move that comes less than one year after donating $300 million to the Faculty of Arts and Sciences.

Interim Harvard President Garber to Remain on Pharma Company Board

Interim Harvard President Alan M. Garber ’76 will remain on the board of one pharmaceutical company while leading the University, a decision that complicates his relationship with the Harvard Management Company and raises questions about potential conflicts of interests.

Harvard Endowment Executives Meet with Silicon Valley Investors Amid University Turmoil

Harvard Management Company executives met with leading venture capital and private equity investors in Silicon Valley last week amid investor concerns over the University’s response to the Israel-Hamas war and allegations of antisemitism on campus.

Ten Stories That Shaped 2023

In 2023, Harvard had a tumultuous year. Claudine Gay’s first semester ended amid a leadership crisis as she came under fire for her response to tensions on a campus divided by the Israel-Hamas war and faced allegations of plagiarism. Harvard’s legacy and donor preferences in admissions also faced national scrutiny following the Supreme Court’s landmark ruling striking down the University’s affirmative action policy. Across campus, scandal after scandal hit parts of the University. Here, The Crimson looks back at the 10 stories that shaped 2023 at Harvard.

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