Harvard's philanthropic fortunes took a dramatic turn in fiscal year 2025, soaring to a record-breaking $629 million in current-use donations. This figure represents a 19% increase from the previous year and marks the largest total in the University's history. The surge in donations came as a much-needed boost for Harvard, which had faced significant financial challenges, including a $113 million operating deficit, the first since the pandemic's impact on revenues in 2020. This turnaround is particularly notable, given the University's struggles in 2024, when major donors froze or withdrew pledges following controversy over Harvard's response to campus antisemitism. Total philanthropic contributions plummeted by $151 million that year, though current-use gifts managed to increase by $42 million. Harvard President Alan M. Garber acknowledged the fundraising shortfall in 2024, warning that long-term endowment declines could threaten the University's operations. However, the 2025 report celebrated a remarkable recovery, with Garber stating that the donations would ensure the University's resilience and support its ambitious future plans. Despite the surge in current-use gifts, donations to the endowment remained steady, dropping only slightly from $368 million to $364 million. Overall contributions increased from $1.17 million in 2024 to $1.3 million in 2025. The record-breaking fundraising total was fueled by a surge in online alumni giving in April, following Harvard President Garber's public rebuke of the White House. In the two days following Garber's declaration of resistance, nearly 4,000 online gifts totaling $1.14 million poured in, with nearly half going to the Harvard College Fund and 14% supporting Garber's unrestricted presidential fund. This wave of small-dollar donations coincided with mounting federal pressure on the University, including a $2.2 billion funding freeze and threats to its ability to host international students. Harvard Medical School also reported an increase in small-dollar donations, alongside a significant $18.86 million gift from billionaire Leonard V. Blavatnik in July. Harvard Treasurer Timothy R. Barakett and Chief Financial Officer Ritu Kalra attributed the fundraising momentum to the softening of the funding freeze's impact, crediting the support with stabilizing financial aid, academic programs, and research continuity. They emphasized the extraordinary generosity of donors, whose support is essential for the University's resilience and future growth.
