Harvard’s Financial Report Shows It Can Afford Independence

For all the saber-rattling, criticism, and controversy Harvard has endured, one would expect a catastrophe to befall the University’s financial treasure chest.

Donations did drop by 14 percent — certainly no meager sum. But for one of Harvard’s worst PR years on record, it is hardly earth-shattering. If anything, it demonstrates the University can afford to chart its course without bending to the demands of powerful external interests. Hopefully, that means the voices of prominent donors and alumni will stop impeding the University’s self-governance.

Despite the drying donations — which reflected several high-profile givers’ decisions to cut ties with the University largely over its political response to post-Oct. 7 campus tensions — Harvard’s endowment rose from $50.7 billion to $53.2 billion this year, more than offsetting the $193 million lost in donations. In a year that Harvard’s coffers seemed destined for doom, the endowment increased in value for the first time in years, and current-use donations increased by $42 million.

The returns on its investments ought to translate into confidence in the University’s independence. When Harvard refuses to cower before donors, we signal to other universities across the country that conceding our integrity is too costly, no matter the price.

Over the past year, we’ve witnessed the pressure donors can apply to Harvard — from demands the Corporation fire then-President Claudine Gay to calls for stricter protest rules.

Harvard, as a leader in higher education, must resist this impulse. The University’s future lies not in pleasing the powerful, but in clingling firmly to its mission. The endowment returns show we can afford to do so.

And Harvard’s newly underscored financial independence reminds us of one other fundamental truth: Donations to Harvard remain money well-spent — despite what disgruntled or disappointed donors may have you believe. Gifts earmarked for research or financial aid have major positive impacts. The founding of the Salata Institute, Harvard’s premier climate research initiative, is the result of a generous donation. So was Harvard’s coat fund, which provides warm clothes for students without the means to procure their own.

Philanthropic contributions to Harvard’s financial aid program bolster the University’s ability to recruit top students irrespective of background, shaping a diverse University and giving a world-class education to those without the means to afford it.

Through investments in initiatives that benefit both the University and society at large — whether it be funding research, promoting accessibility, or tangibly improving students’ lives — donors help shape the future of Harvard.

Financial resilience gives us a choice — Harvard should choose integrity.

This staff editorial solely represents the majority view of The Crimson Editorial Board. It is the product of discussions at regular Editorial Board meetings. In order to ensure the impartiality of our journalism, Crimson editors who choose to opine and vote at these meetings are not involved in the reporting of articles on similar topics.

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