How Harvard makes so much money — and why a major funding source could be at risk
A major Supreme Court decision put a spotlight on the operations of prestigious colleges, how they admit students, and where their money comes from. And Harvard University recently emerged at the center of that debate.in college admissions, meaning that colleges can no longer consider race as factor when deciding to admit a student. The decision threw into question the role legacy admissions play at Ivy League schools, and how favored children of donors and alumni are in the admissions process.
While some schools like Johns Hopkins and Amherst have ditched the preference for legacy students altogether, Harvard has so far declined to do so. A 2018 Harvard committee to study the role of diversity in education ,"endowment fund balances are classified and reported in accordance with donor specifications and state law."While the university does not disclose where individual donations come from, there is a breakdown of broad categories that contribute to the endowment — and where the money goes. According to the school's 2022 financial report, philanthropy, which includes gifts from donors and alumni, accounted for 45% of total revenue.
When it comes to actually spending all that money, Harvard said it uses endowment funds to"support nearly every aspect of University operations." It allocated 70% of the endowment to areas where donors specified they would like the funds to go, including scholarships, research, and construction. The remaining 30% of funds"are more flexible in nature and are critical in supporting structural operating expenses and transformative, strategic initiatives.
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