Crimson staff writer
Cindy H. Zhang
Harvard has focused its fundraising on student financial aid, securing graduate fellowships, and continuing development in Allston, University Vice President for Alumni Affairs and Development Brian K. Lee said in an interview Wednesday.
Despite what he characterized as healthy financial results in fiscal year 2019, University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Monday.
Harvard and more than 30 other colleges and universities jointly submitted their formal opposition to the United States Treasury’s proposed rules for implementing a tax on some universities’ endowments that was originally passed into law in December 2017.
The returns were announced in a note from HMC CEO N.P. “Narv” Narvekar to University affiliates Friday morning, and represent the lowest return rate in two years — 2018 saw a 10.1 percent return, while 2017 yielded 8.1 percent. Despite the low rate, the endowment exceeded $40 billion for the first time in its history.
After more than a year of uncertainty, the Internal Revenue Service issued proposed guidance on Friday for higher education institutions — including Harvard — required to pay a new tax on their endowments.
Former University President Drew G. Faust made just over $1.7 million in compensation in 2017, her last full year as Harvard’s president. While Faust’s tenure ended last June, current University President Lawrence S. Bacow’s compensation will not be released for another year.
Forty-five percent of Harvard’s annual revenue comes from donors — either as endowment returns or direct gifts — University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Wednesday.
Harvard has reduced its debt load by roughly $1 billion and increased its reserves in preparation for a potential future recession, University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Wednesday.