Harvard University faces $34 million operating deficit

(The, November 09, 2013)

Harvard University’s budget deficit rose to $34 million in the year ended in June, a gap that will prompt the world’s richest school to cut down near-term spending even as it proceeds with ambitious building plans and fund-raising. The results, reported in the university’s fiscal 2013 annual report, show Harvard is in better financial condition than it was five years ago, during the financial crisis. But the budget deficit is up from $7.9 million in 2012, and school officials indicated they will stay sharply focused on costs. To raise new revenue, Harvard said it hopes to do more with the sale of technology developed at its schools.