Losing federal funding will hit more than two-thirds of Harvard University’s research grants, but the vaunted Ivy League institution won’t be financially strapped in other areas.
The university has $70.6 billion in total assets, and most of its more than $6.2 billion in annual expenses goes to salaries and benefits, according to its financial report and filings with the Internal Revenue Service.
Education Secretary Linda McMahon wrote Harvard President Alan Garber on Monday and referenced the university’s $53 billion endowment as among the reasons it will no longer receive federal funding.
“Harvard will cease to be a publicly funded institution and can instead operate as a privately funded institution, drawing on its colossal endowment and raising money from its large base of wealthy alumni,” McMahon wrote to Garber. “You have an approximately $53 billion…
