Amid dissatisfaction with Harvard University’s handling of antisemitism on campus, donations to that institution this year dropped by 15% as compared to 2023, according to a financial report released on Thursday.
The drop to $1.17 billion in 2024 from $1.38 billion the previous year constitutes the greatest decline in donations in nearly a decade for Harvard, one of the nation’s oldest and wealthiest institutions, Bloomberg reported.
“Some of the new commitments have been disappointing compared to past years,” Alan Garber, president of the university, said in an interview with The Harvard Crimson.
Incidents of antisemitism as war continues between Israel and Hamas in Gaza have put the institution at the center of a national controversy.
Billionaire donor Ken Griffin cited such issues when he announced in January that he would cease donations, fearing that the university had “lost its way,” as he put it. “Until Harvard makes it clear that they’re committed to educating young leaders and tackling tough issues, I’m not interested in supporting the institution,” Griffin told CNBC.
Len Blavatnik also suspended his donations following concerns over the university’s handling of antisemitism, according to Bloomberg. His foundation has donated at least $270 million to Harvard.
In January, Claudine Gay resigned as Harvard president amid controversy over plagiarism and her testimony in a Dec. 5 congressional hearing on antisemitism, when she said that calls to commit genocide against Jews did not necessarily violate Harvard’s code of conduct.
Whether or not they did so “depended on the context,” she said.
She later apologized, attempting to walk back her comments, though left a month later.
Despite the overall decline in 2024, Harvard’s financial position remains robust. Donations that can be spent immediately, known as “current use donations,” reached more than $525 million—the second-highest level in the school’s history.
