News & Notes: Harvard Loses $1.9 billion in endowment value
Charles Kyungchan MinHarvard University announced that its endowment fund suffered a $1.9 billion loss for the 2016 fiscal year, according to a reportfrom Harvard Management Company, which oversees the university's financial assets.This represents the largest decline since the financial crisis in 2008. Endowment funds allow colleges and universities to operate financial aid, and over one-third of Harvard’s operating income was obtained through the endowment. Harvard Management Companydescribed the results as “disappointing” in the report. “This has been a challenging year for endowments and clearly these are disappointing results,” wrote Paul Finnegan, chair of the Harvard Management Co. board, in the report. The company has seen numerous changes in leadership in recent years.




