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October 30, 2015

Harvard Raises $1 Billion for 2nd Consecutive Year

Harvard University collected $1 billion in donations in the 12 months ending June 30, the second straight year in which its fundraising reached the 10-figure mark, Bloomberg writes, citing the institution's annual report issued Thursday.

Donations to Harvard spiked from $792 million in fiscal year 2013 to $1.2 billion last year following the public launch of the university's $6.5 billion capital campaign. Spokesman Jeff Neal said Harvard has reached $6.1 billion in donations and pledges toward the goal.

Fiscal 2015 giving was paced by hedge-fund billionaire John Paulson's $400 million donation to Harvard's engineering school and a $350 million gift from Hong Kong property moguls Ronnie and Gerald Chan for research and training in public health. Harvard finance chief Thomas Hollister said the fundraising spurt helped the university end the budget year with a 1-percent surplus.