Harvard chief financial officer Thomas J. Hollister said the University’s finances are “moving in the right direction” in a Wednesday interview, though he cautioned that officials remain alert in the ever-changing landscape of the Covid-19 pandemic.
Harvard’s Committees on Shareholder Responsibility voted on three resolutions presented to Facebook shareholders during the last fiscal year, according to a report published earlier this month.
HMC sold its holdings in several technology and pharmaceutical companies while increasing its investments in Facebook in the third quarter of 2021.
Though the Harvard Management Company reported record-breaking returns last Thursday, several financial experts said it still lags behind the performance of key financial indices and its peer institutions.
Harvard finished the fiscal year ending in June 2021 with a budget surplus of $283 million, despite a $124 million drop in revenue, according to the University’s annual financial report released Thursday.
Harvard Management Company returned 33.6 percent on its investments for the fiscal year ending in June 2021, skyrocketing the value of the University’s endowment to $53.2 billion, the largest sum in its history.
Several financial experts predicted that the Harvard endowment will post returns of at least 20 percent for fiscal year 2021, which would bring the endowment to its largest sum in history.
Harvard became entangled in a feud over olive oil earlier this year when the California Legislature moved to regulate how the community is labeled — in part in response to the business practices of a company previously owned by Harvard Management Company.
The University’s new biological research and manufacturing facility appointed biotechnology industry veteran Ran Zheng as its inaugural Chief Executive Officer and began construction on a 40,000 square-foot facility in Watertown, Mass. on Thursday.
University President Lawrence S. Bacow earned $1,224,889 in 2019, his first full year as Harvard’s president, according to financial documents filed by the University earlier this month.
The Harvard Corporation voted last week to draw further from the endowment for fiscal year 2022 than initially planned in light of strong stock market returns.
CFO Hollister Predicts Harvard’s Second Consecutive Year of Declining Revenues for First Time Since Great Depression
Vice President for Finance and Chief Financial Officer Thomas J. Hollister forecasted in a Tuesday interview with The Crimson that Harvard will experience its second consecutive year of declining revenues for the first time since the Great Depression of the 1930s.
TPRV Capital, LP — a hedge-fund which launched with $400 million in seed capital from Harvard Management Company in 2017 — announced that it will cease operations, liquidate all assets, and return all of its capital to its investors in an update sent to the Securities and Exchange Commission on March 9.
Harvard boasts the largest endowment of any university in the world and supplements its finances with hundreds of millions of dollars in donations annually. Despite the scale of Harvard’s philanthropic efforts, a sizable gender disparity persists among the University’s donors.
Harvard may be eligible to receive nearly $25.5 million in aid from the latest federal stimulus package, according to an analysis published Monday by the American Council on Education, a higher education interest group.
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