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Harvard Corporation Senior Fellow Penny S. Pritzker ’81 said she is not expecting federal funding to return to “where it has been,” warning of lasting financial headwinds in the wake of Trump administration policies in an interview with the Harvard Gazette published Thursday.

In her most extensive remarks since President Donald Trump took office, given to the official publication of Harvard’s public relations office, Pritzker — who leads Harvard’s highest governing body — praised Harvard’s record-breaking fundraising haul and the endowment’s strong returns, but warned that Harvard is facing a “period of severe challenge.”

Harvard is currently facing a massive endowment tax hike that is projected to cost around $300 million each year, plus the combined financial strain of federal funding cuts and threats to its ability to host international students. Pritzker also cited legal uncertainty over federal investigations and a potential appeal from the White House over the Sept. 3 restoration of Harvard’s federal funds.

In response, the University has moved to implement a series of austerity measures, including laying off staff at least four schools, pausing wage increases, and instituting a University-wide hiring freeze.

“People have lost their jobs, and that weighs heavily on me and on all of us,” she said. “We are making these decisions always in service to our core mission of teaching, learning, and research.”

She praised the leadership of Harvard President Alan M. Garber ’76 — who was initially tapped as a temporary leader following the resignation of former Harvard President Claudine Gay — though his interim tag was dropped in August 2024. She noted that the Corporation had received a lot of positive feedback about Garber’s tenure, and said he has been an effective communicator of University values.

In the Gazette interview, Pritzker also addressed pledges to reform the Corporation’s presidential search process made upon Garber’s permanent appointment. Pritzker said a subset of the 12 Corporation fellows were still brainstorming ways to modify the process — which is not publicly disclosed.

“We have undertaken a serious review of how we approach the presidential search process,” Pritzker said. “We are looking at how we can ensure the most thoughtful, thorough, and effective search at the appropriate time.”

But the Corporation is also running out of time. If they follow the timeline Pritzker laid out in August 2024, the presidential search is set to begin in the spring — and any changes to the process have to be in place before a formal search commences.

The Corporation’s reform initiative was also launched to address criticism both from Harvard affiliates and from the University’s many spectators for its lack of transparency. Pritzker said in 2024 that the Corporation would reevaluate the body’s relationship to the broader Harvard community.

In the Gazette interview, Pritzker said Corporation members now meet regularly with deans, attend faculty town halls, and hold discussions with students and alumni.

“We’ve really sought to increase the volume and depth of engagement over the last couple of years,” she said. “I know that it enhances our deliberations as a Corporation, and we will continue that work.”

A Harvard spokesperson did not respond to a request for a complete and unedited transcript on Thursday night. In the interview published to the Gazette’s website, Pritzker does not address whether the Corporation will meet its initial timeline, or if any structural reforms had been agreed to.

Pritzker has not agreed to an interview with The Crimson since December 2024.

—Staff writer Avani B. Rai can be reached at avani.rai@thecrimson.com. Follow her on X @avaniiiirai.

—Staff writer Saketh Sundar can be reached at saketh.sundar@thecrimson.com. Follow him on X @saketh_sundar.