Current-Use Donations to Harvard Hit Record $629 Million in Fiscal Year 2025

Updated October 16, 2025, at 8:15 p.m.

Harvard received a record-breaking $629 million in current-use donations during fiscal year 2025, representing a 19 percent increase from last year and the largest total in University history, according to the annual financial report released on Thursday.

The uptick in giving came just in time for Harvard, as it weathered major federal funding disruptions and posted a $113 million operating deficit — its first since the Covid-19 pandemic dinged revenues in 2020.

The surge stands in sharp contrast to Harvard’s philanthropic struggles in 2024, when major donors froze or withdrew pledges following controversy over the University’s response to campus antisemitism. Total philanthropic contributions fell by $151 million that year, marking one of the steepest declines in a decade, though current-use gifts experienced a $42 million increase.

Last year, Harvard President Alan M. Garber ’76 publicly acknowledged that fundraising results were “below expectations” and warned that long-term declines in endowment contributions could threaten the University’s ability to expand its operations.

Garber celebrated the dramatic turnaround this year, writing in the 2025 report that the donations would “ensure our resilience in the present, and embolden our ambitious plans for the future.”

While current-use gifts rose by over $100 million in 2025, donations directly to the endowment continued to fall, dropping modestly from $368 million to $364 million. Overall contributions increased from $1.17 billion in fiscal year 2024 to $1.3 billion in fiscal year 2025.

The record fundraising total for the fiscal year which ended this June followed a remarkable surge of online alumni giving in April, as supporters rallied behind Garber after his public rebuke of the White House.

Harvard received nearly 4,000 online gifts totaling $1.14 million in the two days following Garber’s declaration of resistance, according to a giving update produced by Harvard Alumni Affairs and Development and obtained by The Crimson.

Nearly half of the donations went to the Harvard College Fund, while 14 percent supported Garber’s unrestricted presidential fund.

The wave of small-dollar donations came amid mounting federal pressure on the University, including a $2.2 billion freeze on federal funding and threats to its ability to host international students. Harvard Medical School also announced an uptick in small-dollar donations alongside an $18.86 million gift from billionaire Leonard V. Blavatnik in July.

Harvard Treasurer Timothy R. Barakett ’87 and Chief Financial Officer Ritu Kalra credited the fundraising momentum — which supported financial aid, academic programs, and research continuity — with softening the blow of the funding freeze.

“This year’s financial results are also a reflection of extraordinary generosity,” they wrote. “Our donors’ support is essential. It provides a stabilizing force in times of trial and serves as a critical catalyst for discovery and renewal.”

Correction: October 17, 2025

Due to an editing error, a previous version of this article incorrecly stated that overall gifts to Harvard declined between fiscal years 2024 and 2025. In fact, gifts increased from $1.17 billion in fiscal year 2024 to $1.3 billion in fiscal year 2025.

—Staff writer Avani B. Rai can be reached at avani.rai@thecrimson.com. Follow her on X @avaniiiirai.

—Staff writer Saketh Sundar can be reached at saketh.sundar@thecrimson.com. Follow him on X @saketh_sundar.