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Harvard University’s campaign has set a new record for fundraising efforts in higher education schools.
The campaign to raise money for the university was launched in 2013. After five years, the effort raised $9.6 billion and surpassed its initial target of $6.5 billion. The most recent campaign has a significant difference from Harvard’s last campaign, which got only $2.6 billion.
The success of this campaign has broken Stanford University’s previous record of $6.2 billion in 2012. This would not have been possible without the donations that poured in from over 153,000 households from 173 countries.
According to Harvard, part of the funds will go to building construction and facility renovation on the campus. A certain percentage will also finance research and professorships. Additionally, about $1.3 billion will be used to provide financial aid for students.
When the campaign was launched, officials said that part of the funds would also go to developing innovative teaching and learning. In particular, this would support edX, a website offering free online courses to students around the globe.
Though for a good cause, the abundant donations to Harvard were met with scrutiny. Critics blatantly expressed ire over the pouring contributions to the wealthiest university in the world. They said it would have been better if schools in need or the poor were endowed with the donations.
One of the most notable criticisms was over the $400 million donation from billionaire and Harvard alumnus John Paulson. With this donation, he was able to retitle a school building with his name.