(NewsNation) — Harvard, the nation’s oldest and richest university, saw donations tumble 15% after wealthy alumni expressed anger at the school’s handling of antisemitism on campus.
Gifts to Harvard dropped to $1.17 billion during the fiscal year ended June 2024, down from $1.38 billion in the same period the year prior, a new financial report showed Thursday.
The drop-off marks the school’s biggest decrease in donations in nine years, according to Bloomberg. Harvard President Alan Garber expressed his dismay at the latest fundraising numbers in a recent interview with the university’s newspaper.
“Some of the new commitments have been disappointing compared to past years,” Garber told the Harvard Crimson.
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Gifts specifically to Harvard’s endowment fell by 34%, dropping to $368.1 million from $560.6 million the year before. However, the school’s investment fund still gained 9.6% for the fiscal year, bringing its total value to $53.2 billion — the largest academic endowment in the world.
The downturn in donations follows a tumultuous year on the Harvard campus — one that saw instances of blatant antisemitism and students fiercely divided over the Israel-Hamas war.
In January, billionaire Harvard donor Ken Griffin condemned antisemitism and said he would stop donating to the school, which he feared had become “lost in the wilderness.”
“Until Harvard makes it very clear that they’re going to resume their role as educating young American men and women to be leaders, to be problem solvers, to take on difficult issues — I’m not interested in supporting the institution,” Griffin told CNBC.
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Another major Harvard donor, billionaire Len Blavatnik, also halted donations in the wake of the university’s handling of antisemitism on campus, Bloomberg reported. Blavatnik’s family foundation has reportedly given at least $270 million to Harvard.
Earlier this year, then-Harvard President Claudine Gay resigned following widespread backlash for her testimony during a congressional hearing on antisemitism and accusations of plagiarism.
Nevertheless, Harvard’s bottom line remains strong and some types of donations actually increased over the past year.
Gifts that the university can spend now, so-called current use donations, reached the second highest level in Harvard history, coming in at over $525 million.
