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 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.
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 Medical School Dean George Q. Daley ’82 lauded HMS faculty, affiliates, students, and staff for their work during the Covid-19 pandemic and reiterated institutional values in his State of the School address over Zoom Tuesday.
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.
When University President Lawrence S. Bacow said earlier this month that Harvard would move to end its investments in the fossil fuel industry, the activists who had been pushing him to do so for years celebrated the news as a seismic shift.
Fossil Fuel Divest Harvard plans to encourage the University to invest in green economic initiatives after Harvard’s surprise announcement that it intends to divest from fossil fuels.
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.
Following years of public pressure, Harvard said Thursday that it would allow its remaining investments in the fossil fuel industry to expire, meaning that it will eventually divest from the sector.
Members of the Harvard Prison Divestment Campaign organized a rally Thursday afternoon calling on Harvard to divest from industries, companies, and funds they say are part of the “prison-industrial complex.”
Harvard will not accept federal aid from the American Rescue Plan Act, the federal stimulus package passed in March — the third time the University has refused rescue funds since the start of the pandemic.
Massachusetts State Reps. Michael L. Connolly and Rep. Erika Uyterhoeven introduced a bill this week that would seek to use the state’s constitutional oversight authority to compel Harvard to divest its holdings in the fossil fuel industry.
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.
Harvard Corporation Senior Fellow Bill Lee Lauds ‘Really Positive’ Fundraising Year Despite Pandemic
Harvard Corporation senior fellow William F. Lee ’72 said in an interview Wednesday that the University expects high fundraising returns by the end of the fiscal year despite challenges posed by the Covid-19 pandemic.