Overview

• University and school stopgaps — $90 million from Harvard and a $120 million HMS match — plus lab reserves are projected to sustain about 74% of research previously backed by federal grants through the upcoming fiscal year.
• HMS depends heavily on federal support, taking in more than $230 million in FY2024, or 73% of research funding and nearly a third of operating revenue.
• A federal judge struck down the Trump administration’s funding freeze earlier this month, yet many grants have not been restored and the administration plans to appeal.
• Leaders cite risks from possible limits on NIH indirect-cost reimbursements and a higher endowment tax rising to 8% as key pressures driving the contraction.
• HMS is deferring roughly $50 million in capital projects and has leaned on philanthropy — including $30 million from K. Lisa Yang, about $19 million from Leonard V. Blavatnik, and more than $8 million for the MD‑PhD program — to buffer near-term gaps.