- Operating revenues decreased 7 percent to $861 million, while operating expenses increased
1 percent to $831 million.
- HBS Online revenue increased year over year, Harvard Business Publishing revenue remained
flat, and Executive Education revenue declined.
- The major areas of expense growth were salaries and benefits and fellowships.
- New gifts and pledges totaled $75 million, compared with $150 million in fiscal 2019.
- The return on the University’s endowment was 7.3 percent, compared with 6.5 percent
in fiscal 2019.
- The value of the School’s endowment (after the net impact of distributions from the
endowment and the addition of new gifts) increased to $4.1 billion, from $4.0 billion
a year earlier.
- Capital investments in campus facilities and new construction increased to $43 million,
from $38 million in fiscal 2019.
- The School generated an operating surplus of $30 million, compared with $104 million
for the prior year.
- HBS ended fiscal 2020 with an unrestricted reserves balance of $174 million, compared
with $129 million a year earlier.
- The School’s total net assets increased to $5.2 billion, from $5.1 billion at the
end of fiscal 2019, primarily reflecting the impact of growth in the market value
of the endowment.
