Financial Highlights
- Operating revenues decreased 7 percent to $805 million, while operating expenses declined 6 percent to $779 million.
- Harvard Business School Online and Harvard Business Publishing (HBP) generated record revenues, while MBA and Executive Education tuition revenue declined.
- Salaries and benefits grew 3 percent for the year, driven by an increase in the number of faculty.
- New gifts and pledges totaled $162 million, compared with $76 million in fiscal 2020.
- The return on the University's endowment was 33.6 percent, compared with 7.3 percent in fiscal 2020.
- The value of the School's endowment (after the net impact of distributions from the endowment and the addition of new gifts) increased to $5.3 billion, from $4.1 billion a year earlier.
- Capital investments in campus facilities and new construction decreased to $22 million from $43 million in fiscal 2020.
- The School generated an operating surplus of $26 million, compared with $30 million for the prior year.
- HBS ended fiscal 2021 with an unrestricted reserves balance of $211 million, compared with $174 million a year earlier.
- The School's total net assets increased to $6.4 billion, from $5.2 billion at the end of fiscal 2020, primarily reflecting the impact of growth in the market value of the endowment.