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Harvard Sees $1.2 Billion Revenue Shortfall Due to Pandemic

  • Layoffs and furloughs are possible, as pay extended to June 28
  • “The pandemic will not pass quickly,” Princeton president says
A pedestrian walks past a Harvard University store in Cambridge on April 20.

A pedestrian walks past a Harvard University store in Cambridge on April 20.

Photographer: Adam Glanzman/Bloomberg
Updated on

Harvard University, the richest U.S. college, is forecasting a revenue shortfall of nearly $1.2 billion over two academic years, showing how the economic effects of the coronavirus pandemic are crippling schools.

Harvard faces a drop of $415 million in anticipated revenue for the year ending June 30, and a further $750-million shortfall compared to budgeted expectations for the year beginning July 1, Executive Vice President Katie Lapp said in a statement Tuesday.