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Harvard Forecasts Decline in Revenue, Slowdown in Donations

School is reducing all discretionary, non-essential spending
CFO says school in much better position than in 2008 crisis

Views Of Harvard University And The Massachusetts Institute Of Technology — Photographer: Victor J. Blue/Bloomberg

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March 23, 2020, 10:05 PM UTCUpdated onMarch 24, 2020, 5:15 PM UTC

Harvard University forecast a decline in revenue and a slowdown in philanthropy due to the economic impact of the coronavirus outbreak.

The school, with an endowment of $40.9 billion, has already begun reducing all discretionary, non-essential spending and may need to consider slowing the pace of capital projects in the future, Thomas Hollister, Harvard’s chief financial officer and vice president of finance, said Monday.