Harvard harvests $600 million

New Delhi, Feb 10 | Updated: Feb 11 2006, 05:55am hrs
What they dont teach you at Harvard Business School is to be stingy when it comes to donating to the alma maters fund raising campaign. The institute has raised a whopping $600 million in its first capital campaign as alumni and other contributors kicked in with generous donations to surpass the $ 500 million goal set at the campaign launch three years ago.

The funds will be used for five key long-term priorities of the schoolboosting financial aid for students, developing top faculty, extending the schools global outreach, devising innovative uses of technology in education, and renewing the HBS campus.

About $440 million of the campaign gifts went directly to the HBS endowment, a collection of over 800 individual funds currently valued at $2.1 billion that have been established over the years to provide long-term financial stability. Funds from this basket can only be used to support programmes and activities specifically designated by the donors, and they contribute about 17% of the HBSs $330 million annual operating budget.

The campaign raised about $35 million in unrestricted gifts to support innovative activities, and the remainder of the campaign funds has supported capital projects.

The success of this campaign reflects the extraordinary accomplishments of our alumni, who hold positions of leadership in a wide range of organisations around the globe, and the pride they feel for the School, said dean Jay Light.