Harvard issued its yearly budgetary look back this week, detailing in its annual financial report solid progress in strengthening the fiscal foundation of the University, even as it moves ahead in priority areas, including financial aid, House renewal, and online education.
The Gazette sat down with Executive Vice President Katie Lapp and Chief Financial Officer and Vice President for Finance Thomas Hollister to talk about the 1 percent, $62 million surplus — a nearly balanced budget — at the fiscal year’s June 30 close, and the mix of positive and negative trends that made up that number. Read the full Gazette story here.
- Budget: $4.5 billion
- Net assets of the Harvard Corporation, (in effect the University’s net worth), increased $1.4 billion, or 3 percent, from $43.2 billion to $44.6 billion. That growth was mainly driven by The Harvard Campaign gifts and pledges.
- Expenditures increased 4 percent over the last fiscal year, with 50 percent of costs related to salary and wages, including benefits. Salary and wages increased 5 percent, and benefits increased 4 percent, with health care costs increasing 6 percent.
- Revenue from federal and non-federal sponsored sources increased by 1percent, but federal funding – which accounted for 72 percent of the total sponsored revenue – actually declined by 2 percent.