Despite endowment’s decline, Harvard’s operating surplus grows

Students walked through Harvard’s campus. Despite its worst endowment returns since the economic recession, Harvard University posted a $77 million operating surplus for fiscal 2016, the college announced Tuesday in its latest annual report. This year’s surplus is an increase over last year’s surplus of $62 million and represents 1.6 percent of the university’s annual revenue, according to the report. Last month, Harvard reported that its $37.6 billion endowment, the largest in all of higher education, had dropped nearly $2 billion this year, to $35.7 billion. The annual report painted Harvard as responding to economic realities facing the entire higher education industry, such as pressure to keep tuition low and uncertain political and economic climates. Harvard’s president, Drew...

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