BOSTON (November 9, 2013) Harvard University finance officials pledged to better manage costs and pursue innovative revenue strategies after the school’s deficit soared to $34 million in the most recent fiscal year, compared to a $7.9 million shortfall the previous year.
A financial report released Friday says the school’s revenues jumped 5 percent to $4.2 billion, largely because of the increased annual distribution from its hefty $32.7 billion endowment.
Revenue also was bolstered by a 17 percent increase in gifts for current use, from $289 million in the previous fiscal year to $339 million in the most recent year.
Operating expenses for the nation's oldest school rose 6 percent to $4.2 billion and benefits, wages and other compensation expenses accounted for about half of expenses.
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