$1.2 Billion Harvard Haul Erased by Investment Losses
Harvard University raised a record $1.2 billion in donations in the fiscal year 2016, but that total was quickly erased by $2 billion in investment losses and spending, Bloomberg News reports. Harvard’s donation total was the most by any U.S. university, and colleges together collected a record $41 billion for the year, according to the Council for Aid to Education. The survey, released Tuesday, said Stanford University collected the second-highest amount, with $951 million in donations. Harvard has a $35.7 billion endowment, and its previous donation record was $1.16 billion, which it raised two years ago.