Harvard sees $150M drop in donations for 2024 fiscal year amid backlash for antisemitic protests

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Harvard University saw a notable financial setback in the 2024 fiscal year, with a net loss of $150 million in donations due to backlash over the Ivy League’s response to antisemitism on its Massachusetts campus.

Harvard was one of the focal points of antisemitic protests and attacks after the Oct. 7 massacre in Israel last year. The university has faced heavy backlash over its handling of the protests and antisemitism in general.

Former Harvard President Claudine Gay even resigned in January after giving a controversial testimony regarding anitsemitism in front of Congress.

Donations were down by $151 million in fiscal year 2024, compared to fiscal year 2023. Donors pulled a total of $193 million from Harvard’s endowment in 2024, but new donations for current use gifts increased by $42 million, according to Fox Business.

“About 8% of fiscal year 2024 operating revenue came from gifts for current use, primarily payments on prior pledges,” Harvard Vice President for Finance Ritu Kalra and Treasurer Timothy Barakett wrote in the university’s financial report. “At over $525 million, current use giving reached the second highest level in Harvard’s history.

“While still surpassing $1 billion of fundraising, such levels may not be sustainable looking forward,” they continued. “We are grateful to those who have continued to direct their philanthropy to the University as a reflection of their commitment to Harvard’s academic mission.”

The campus paper The Harvard Crimson reported that the numbers represent “one of the most significant year-over-year drops in donations in the past decade.”