Crimson staff writer
New Harvard CFO Ritu Kalra Says University Has ‘Repair Work To Do’ Amid Controversy Over Israel-Hamas Response
Harvard Chief Financial Officer Ritu Kalra acknowledged that officials tasked with fundraising have their work cut out for them as they rebuild relationships with donors dismayed by the controversy enveloping the University over its messaging on the Israel-Hamas war.
The Harvard Management Company sold a significant percentage of its direct holdings in Meta and Alphabet, as well as the entirety of its direct holdings in several acquired biomedical and pharmaceutical companies, during the third quarter of 2023.
Harvard released its Annual Financial Report on Thursday, which offers a rare glimpse into the University’s finances and investment strategy. Here’s a closer look at the data revealed by this year’s disclosures.
Harvard ended fiscal year 2023 with a $186 million budget surplus — less than half of last year’s value — as the school faced rising costs from investments in its workforce and renewed activity on campus following the pandemic.
The value of Harvard’s endowment fell for the second consecutive year, despite delivering a 2.9 percent return for fiscal year 2023, as distributions to school operations outpaced investment gains and new contributions.
One year after Harvard’s endowment reported a $2.3 billion drop in value — its first year of negative returns since 2016 — financial experts say the school could be headed towards a second straight year of poor investment results.
The value of Harvard Management Company’s direct public investments increased by 18 percent during the first quarter of 2023 as key tech stocks in its portfolio rallied.
Harvard University President Lawrence S. Bacow earned more than $1.3 million in calendar year 2021, a pay increase from the $1.1 million he made in 2020.
Outgoing Harvard Vice President for Finance and Chief Financial Officer Thomas J. Hollister said in a Thursday interview that the University should be “very cautious” in its financial management as the school confronts an increasingly uncertain economic climate.
The Harvard Management Company boosted its investments in Grab — a Singaporean all-in-one app offering food delivery, transportation, and digital payment services — and modified its biotechnology portfolio during the last quarter of 2022.