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Anonymous ID: 172ef8 April 19, 2020, 9:21 a.m. No.8850927   🗄️.is 🔗kun   >>1002

>>8850589 lb

from April 16th

Harvard, With a $40 Billion Endowment, Will Receive $8.7 Million in Aid

 

Harvard University in Boston will receive $8,655,748 in federal aid for coronavirus relief despite having a $40 billion endowment. The Harvard Crimson, the student newspaper, posted news of the federal aid on its Twitter account: "Harvard University will receive nearly $9 million in aid from the federal government through the Coronavirus Aid, Relief, and Economic Security Act, the Department of Education announced last week." The money is part of the $14 billion allocated to colleges and universities in the CARES Act, the $2 trillion stimulus bill passed by Congress to help struggling Americans across the nation impacted by the new coronavirus pandemic. The aid set to be given to Harvard hinges on half of the money being held in reserve "for emergency financial aid grants to students," according to the Harvard Crimson article. The Harvard Management Company, which manages the university's endowment and related financial assets, according to its website, released a financial report for the fiscal year 2019 that stated Harvard's endowment value was at $40.9 billion, an increase from the $39.2 billion endowment value for the university's 2018 fiscal year. "For the most recent fiscal year ended June 30, 2019, the return on the Harvard endowment was 6.5 percent and the value stood at $40.9 billion," N.P. Narvekar, the chief executive officer for the Harvard Management Company, stated in a letter included in the 2019 report. "The endowment also distributed $1.9 billion toward the University's operating budget, in support of financial aid, research funds, faculty support, and more."

The report also states that Harvard University ended the 2019 fiscal year with an operating surplus of $298 million, a year in which the "net undergraduate and graduate tuition income increased 4 percent."

 

The Harvard webpage that explains how its endowment is managed states that the funds are meant to "foster leading financial aid programs, scientific research discoveries, and hundreds of professorships."

https://www.msn.com/en-us/news/us/harvard-with-a-2440-billion-endowment-will-receive-2487-million-in-aid/ar-BB12JLgw