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Harvard reports $68 billion endowment as it cuts jobs across 12 schools
Harvard said its endowment reached $68 billion and donations hit a record, even as the university cut or left unfilled staff positions to avert an annual deficit. The announcement comes amid continuing legal battles with the Trump administration.
Harvard University said Thursday its endowment had grown to $68 billion, a new high, while donors made record contributions. The announcement came as the university continues to face legal battles with the Trump administration and reduces staffing across its 12 schools.
Harvard restructured staff positions during the year, eliminating some jobs and leaving others vacant. University leaders said the changes were needed to avoid a deficit in the annual financial report. The university did not disclose how many positions were affected.
“We would like to tell you that the uncertainty of the past two years is behind us,” Chief Financial Officer Ritu Kalra wrote in the report. “It is not.”
The combination of a record endowment and staffing cuts highlights the gap between Harvard’s substantial institutional wealth and the budget pressures it says it faces. The endowment supports university operations, but the figures provided did not specify how much of its growth or donor contributions is available for immediate spending.