In fiscal year 2023, Harvard University received a substantial $676 million in federal funding for research, despite having the largest endowment of any U.S. higher education institution.
By yourNEWS Media Staff
Harvard University, known for having the nation’s largest endowment, received a significant boost of nearly $700 million from taxpayers in fiscal year 2023. The Ivy League institution, with an endowment valued at $50.9 billion as of FY 2023, garnered $676 million from the federal government specifically for research purposes, marking an increase from the previous year’s $642.1 million.
This funding, as outlined in Harvard’s financial statements, is part of the university’s efforts to improve its electrical system and support growth through capital projects and infrastructure modernization. NV Energy also notes a shift toward cleaner energy as a part of these upgrades.
Despite its considerable endowment, Harvard’s revenue from tuition in FY 2023 was $1.3 billion against expenses of $5.9 billion. The university states that a mere 6% of its student financial aid is sourced from federal government aid and external sponsors, with the vast majority coming from its own coffers.
Harvard also benefits from its status as a 501(c)(3) organization, receiving tax exemptions as most colleges and universities do. This status enabled Harvard to draw $2.46 billion from its endowment last year, taxed at only 1.4% instead of the standard 37%. The university is also exempt from taxes on capital gains, interest, corporation revenue, and dividend income.
The average American and Louisianian looks at the situation at Harvard and it triggers their gag reflex.
It’s time universities go back to being universities instead of factories that espouse, “I hate America.” pic.twitter.com/h85htz6Db4
— John Kennedy (@SenJohnKennedy) January 4, 2024
The university has recently been embroiled in controversy, particularly in its response to the Hamas terrorist attacks on Israel and the rising antisemitism on campus. Harvard President Claudine Gay, who faced plagiarism allegations leading to several academic corrections, resigned recently, citing “racial animus” as a factor behind criticism of her performance. This resignation came amidst several billionaire donors halting or pausing their donations to the university.
Criticism also extends to Harvard’s long-standing support of Diversity, Equity, and Inclusion (DEI) initiatives, which some view as racially biased and alienating to conservative students. The institution was involved in a Supreme Court case ruling against racial prejudice in the admissions process as incompatible with the Equal Protection Clause of the Fourteenth Amendment.
Requests for comments from Harvard and the White House have not yet received responses.