The institutions that comprise the Ivy League will receive millions of dollars in federal bailouts despite the billions of dollars in their endowments. Harvard University, for example, currently boasts an endowment of $40.9 billion.
According to a report by Campus Reform, Ivy League institutions like Harvard, Yale, and Dartmouth, are set to receive millions of dollars in federal bailouts as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
However, Ivy League institutions are infamous for their large endowments, most of which reach 11-figures. The smallest endowment in the Ivy League belongs to Brown University, which has an endowment of $4.2 billion. Despite this massive endowment, Brown is set to receive $4.8 million in bailout funds.
Harvard University will receive $8.6 million in federal bailout funds despite its endowment of nearly $41 billion. Yale University, which boasts an endowment of $30.3 billion, will receive $6.8 million in bailout funds. Princeton University, which has an endowment of $26.1 billion, will receive $2.4 million in bailout funds. Cornell and Columbia will receive the largest bailouts at $12.8 million each.
Breitbart News reported last week that Harvard University President Lawrence Bacow addressed critics that had called on him to use the university’s endowment to prevent layoffs during the Chinese virus pandemic. Bacow explained that the use of endowment funds is restricted for specific purposes.
“Some of you may be wondering why we can’t just dip into the endowment to support us through these difficult times. We do intend to distribute as much from the endowment as we responsibly can, but there are limitations to the endowment’s capacity,” Bacow wrote in the letter. “Because of the recent declines in the markets, the endowment, while still large, is not as large as it was previously. As it shrinks, it has less capacity to support our existing operations, especially as other shortfalls in revenue sources loom.”
Despite its $40.9 billion endowment, Harvard announced a salary and hiring freeze for all university employees last week. Bacow also announced that layoffs or furloughs are possible if the Chinese virus lockdowns extend into the summer.
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