October 4, 2018
Harvard recently announced that its five-year fundraising campaign raised… <drum-roll> … $9.62 billion.
Which leads to me ask of a university whose endowment is already in the area of $37 billion: how much more do you need? And to those who feel compelled to donate money to a multi-billionaire: wouldn’t your money go further if given to, say, the local soup kitchen or an agency providing mental health services for veterans, or an after-school program for inner-city kids? And, back to Harvard: having accumulated all of this money, why are you still charging tuition?
$9.62 billion is the nearly nine times the total budget of the entire Boston public school system. Or the net worth of the Boston Red Sox, New York Yankees and Minnesota Vikings combined. Or the GDP of Chad.
And Harvard pays no taxes on the income its endowment generates. Which was 8.1% on 2017. Or just south of $3 billion.