Harvard University announced Thursday that its endowment grew by $11.3 billion to a record $53.2 billion during the fiscal year ending in June, a year-over-year increase of 33.6%.
The announcement comes after Harvard, which runs the nation’s largest private university endowment, defeated a lawsuit from students who took umbrage with the school’s decision to not offer partial tuition refunds when it moved to online-only classes during the early stages of the COVID-19 pandemic.
“Fiscal year 2021 was an extraordinary year. Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the University, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education,” Harvard Management Company Chief Executive N.P. Narvekar said in a report Thursday.Read More