www.cbsnews.com Open in urlscan Pro
146.75.29.188  Public Scan

Form analysis
0 forms found in the DOM

Text Content

 * Harvard President
 * Julia Roberts Interview
 * Costly "American Dream"
 * AI Detects Fake Products
 * CBS News Live
 * Managing Your Money
 * Newsletters

 * News
   * * US
     * World
     * Politics
     * Entertainment
     * HealthWatch
     * MoneyWatch
     * CBS Village
     * Technology
     * Science
     * Crime
     * Sports
     * Essentials
   * *  * Biden: Failure to pass Ukraine funding would be "Christmas gift" to
          Putin
        * White House lays out offer on immigration changes in talks with
          Congress
        * Andre Braugher, "Brooklyn Nine-Nine" actor, dies at age 61
        * N.Y. Court of Appeals sides with Dems, orders redrawing of
          congressional maps
        * Biden says Netanyahu's government needs to change
        * New Hampshire Governor Chris Sununu endorses Nikki Haley
        * Pregnant woman suing over abortion learns embryo has no cardiac
          activity
        * Body pulled from Chicago pond amid search for missing teen Brissa
          Romero
        * Man charged in stabbing death of Catholic priest
 * 
 * Shows
    * CBS Mornings
    * CBS Evening News
    * 60 Minutes
    * CBS Saturday Morning
    * Face the Nation
    * Sunday Morning
    * 48 Hours
    * CBS Reports
    * CBS News Mornings
    * America Decides
    * Prime Time with John Dickerson
    * CBS News Weekender
    * The Takeout
    * The Uplift
    * Eye On America
    * The Dish
    * Here Comes the Sun
    * Person To Person

 * Live
    * Click here to view related image. CBS News Live
    * Click here to view related image. CBS News Philadelphia
    * Click here to view related image. CBS News Baltimore
    * Click here to view related image. CBS News Bay Area
    * Click here to view related image. CBS News Boston
    * Click here to view related image. CBS News Chicago
    * Click here to view related image. CBS News Colorado
    * Click here to view related image. CBS News Detroit
    * Click here to view related image. CBS News Los Angeles
    * Click here to view related image. CBS News Miami
    * Click here to view related image. CBS News Minnesota
    * Click here to view related image. CBS News New York
    * Click here to view related image. CBS News Pittsburgh
    * Click here to view related image. CBS News Sacramento
    * Click here to view related image. CBS News Texas
    * Click here to view related image. CBS Sports HQ
    * Click here to view related image. Inside Edition 24/7
    * Click here to view related image. Mixible

 * Local
    * Baltimore
    * Bay Area
    * Boston
    * Chicago
    * Colorado
    * Detroit
    * Los Angeles
    * Miami
    * Minnesota
    * New York
    * Philadelphia
    * Pittsburgh
    * Sacramento
    * Texas

 * More
   * * Latest
     * Video
     * Photos
     * Podcasts
     * In Depth
     * Local
     * A Moment With…
     * Innovators & Disruptors
   * * Newsletters
     * Mobile
     * RSS
     * CBS Store
     * Paramount+
     * Join Our Talent Community
     * Davos 2023
 * Search
 * Search


MoneyWatch


HOW RICH IS HARVARD? IT'S BIGGER THAN THE ECONOMIES OF 120 NATIONS.

By Aimee Picchi

December 12, 2023 / 3:38 PM EST / MoneyWatch

 * 
 * 
 * 

Claudine Gay gets Harvard board support to remain as president after
antisemitism controversy

Harvard University isn't only among the most prestigious U.S. institutions of
higher learning — it's also the richest. 

Harvard and other elite schools have drawn fierce criticism in recent weeks for
their handling of student protests related to the conflict between Israel and
Hamas, with some alumni threatening to withdraw large donations and to blacklist
students for what they characterize as antisemitic statements.



That's no idle threat. Ivy League colleges and universities like Stanford and
MIT have amassed massive endowments, with wealthy alumni exerting considerable
influence on university policy and even curricula. Harvard's endowment, at more
than $50 billion, is the biggest among U.S. universities and is larger than the
GDP of more than 120 nations, including countries such as Tunisia, Bahrain and
Iceland.

Click here to view related media.
click to expand

With the war also playing out as a fight over the competing narratives that hold
sway in Gaza and Israel, moneyed donors to elite U.S. schools have sought to use
their financial clout to dictate the debate on university campuses. University
of Pennsylvania President Liz Magill stepped down as president only days after
hedge fund manager Ross Stevens, a graduate of the institution's Wharton
business school, threatened to withdraw a $100 million donation following her
congressional testimony last week in a hearing about antisemitism on college
campuses. 

Harvard on Tuesday said that its president, Claudine Gay, who has also became a
lightning rod in the controversy, will stay in office after getting support from
the university's highest governing body and hundreds of faculty members. But she
is likely to face continuing pressure on and off campus as the conflict in Gaza
rages on. 


HARVARD'S ENDOWMENT IN 2023

Harvard's endowment in fiscal year 2023 stood at $50.7 billion, down slightly
from $50.9 billion the prior year, according to the most recent financial report
from its endowment. 

The Cambridge, Massachusetts-based school is the richest U.S. university,
according to the National Center for Education Statistics, which based its
rankings on 2021 endowment data.



Universities, including Harvard, have typically built their endowments through
two pathways: donations and investment gains. 



Harvard noted that its endowment only returned 2.9% in fiscal year 2023 — far
below its goal of 8%. But donations provided the university with 45% of its
revenue through gifts and endowment income, signaling the importance of
financial contributions from wealthy alumni. 

Universities typically rely on their endowments to help fund operations and to
provide financial aid to students, with Gay writing in the most recent financial
report that Harvard provided more than $850 million in financial aid that year. 

"Undergraduates from families with annual incomes below $85,000 are fully funded
by the University — they pay nothing — and expected contributions for families
with annual incomes between $85,000 and $150,000 max out at ten percent of
annual income," she wrote.


HARVARD TUITION 2023

Such financial aid would certainly be needed by families with annual income of
less than $150,000, given that tuition and fees for the current academic year
stands at $79,450.

Fallout continues for university presidents after congressional hearing on
campus antisemitism


By comparison, the cost to attend Harvard in 1975 was about $5,350, according to
Business Insider, underlining the spiraling tuition in higher education
nationwide.

That means Harvard's tuition has increased much faster than inflation — that
$5,350 would today amount to roughly $30,000 if it had tracked the change in the
Consumer Price Index over the last half century. Harvard isn't alone in
increasing tuition faster than inflation, with higher education in general
outpacing the CPI.


HARVARD PRESIDENT'S SALARY

Serving as Harvard's president can be a lucrative job, with Gay earning $879,079
in 2021, when she was president-elect, according to the Harvard Crimson.
Outgoing Harvard president Lawrence S. Bacow earned more than $1.3 million that
year, it noted.


TRENDING NEWS

How rich is Harvard? It's bigger than the economies of 120 nations.
McDonald's is opening a new chain called CosMc's. Here's what to know.
The "American Dream" costs far more than most people will ever earn
Prince Harry and Meghan's foundation sees $11 million drop in donations
Should you open a short-term CD this December?
   In:
 * Claudine Gay
 * Harvard

Aimee Picchi

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she
covers business and personal finance. She previously worked at Bloomberg News
and has written for national news outlets including USA Today and Consumer
Reports.

Twitter
Read More

First published on December 12, 2023 / 3:38 PM EST

© 2023 CBS Interactive Inc. All Rights Reserved.


MORE FROM CBS NEWS





Copyright ©2023 CBS Interactive Inc. All rights reserved.

 * Privacy Policy
 * California Notice
 * Do Not Sell My Personal Information
 * Terms of Use
 * About
 * Advertise
 * Closed Captioning
 * CBS News Live on Paramount+
 * CBS News Store
 * Site Map
 * Contact Us
 * Help

Quotes delayed at least 15 minutes.

Market data provided by ICE Data Services. ICE Limitations. Powered and
implemented by FactSet. News provided by The Associated Press. Legal Statement.

 * facebook
 * twitter
 * instagram
 * youtube

f

We and our partners use cookies to understand how you use our site, improve your
experience and serve you personalized content and advertising. Read about how we
use cookies in our cookie policy and how you can control them by clicking Manage
Settings. By continuing to use this site, you accept these cookies.

Accept Reject
Update Consent
Ad