Watch ABC40 News Live!   (View)

Harvard’s Deficit Soars to $34 Million

HarvardBOSTON (AP) — Harvard University finance officials are pledging to manage costs better and pursue innovative revenue strategies after its deficit soared to $34 million in the most recent fiscal year, compared to a $7.9 million shortfall the previous year.

A financial report released Friday says the school saw revenues jump 5 percent to $4.2 billion, due largely to the increased annual distribution from its hefty $32.7 billion endowment.

Revenue also was bolstered by a 17 percent increase in gifts for current use, from $289 million in the previous fiscal year to $339 million in the most recent year.

Operating expenses for the nation’s oldest school rose 6 percent to $4.2 billion. Benefits, wages and other compensation expenses accounted for about half of expenses.


  • alpinequeen

    It’s a hoax.

    • alpinequeen

      …the Celine Dion thing…

  • alpinequeen

    If you pawk your caw on the Hawvud yawd, they could install a bunch of pawking meters. That would help.