Overview

• Harvard stands to lose up to $1 billion annually under a worst-case scenario that would cut $700 million in research funding, impose $240 million in new endowment taxes and forgo $110 million in international student tuition.
• The Trump administration has revoked $700 million in multiyear research grants, directed federal agencies to reconsider Harvard contracts and removed the university from the student visa registry.
• To shore up liquidity, Harvard sold $1 billion of private equity at a 7 percent discount, borrowed $750 million in April, froze new hires and began trimming departmental budgets.
• Harvard’s $53 billion endowment is more than 80 percent donor-restricted, limiting its ability to cover operating deficits and intensifying concerns over the proposed 8 percent endowment tax and loss of tax-exempt status.
• Alongside renewed mid-June negotiations, Harvard has lodged legal challenges arguing that the administration’s funding restrictions violate First Amendment and due-process protections.