HIGHER ED DIGEST: Harvard endowment exceeds $53 billion

A significant rebound in investment earnings over the last fiscal year puts Harvard University back in calm waters as the nation’s wealthiest institution.

“Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the university, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education,” N.P. “Narv” Narvekar, the CEO of Harvard Management Co, wrote in his report.

The university used $2 billion in endowment returns during the year to fund its operating budget.

Harvard ended the fiscal year June 30 with a $283 million operational surplus.

Byline: Associated Press