Harvard Sees Steep Decline in Revenue
Harvard University lost $10 million in operating expenses at the end of the fiscal year in September, compared with a $308 million surplus last year.Revenue declined $138 million, mostly in the final quarter of the fiscal year that ended the last day of June 2020, according to the University’s Annual Financial Report. Refunds costlyThe biggest toll was from refunding student room and board fees — $32 million — when students were sent home because of the COVID-19 pandemic.Total student revenue decreased by 11% to $1.1 billion.Harvard also lost revenue from its lucrative executive education programs in which the university earned $500more
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