Harvard University is now under fire for accepting over nine million dollars in bailout funds from the federal government, funds designed to help organizations and businesses teetering on the brink of bankruptcy, in spite of the fact that the notoriously liberal university has an endowment worth 41 billion dollars.
As Forbes reports:
Harvard University received nearly $9 million in funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, despite having the largest endowment of any university in the world, valued at $40.9 billion as of June 2019.
The move sparked outrage among many. “Why is Harvard, with its multi-billion dollar endowment, much of it built with help from taxpayer money, getting a bailout? This is obscene,” Sen. Josh Hawley (R-Mo.) wrote on Twitter.
“Taxpayer relief funds should go to those in real need. Harvard University has a $41bn endowment—the largest in the world. Put another way, Harvard’s endowment is $13mm per student, or $171mm per faculty member,” Sen. Ted Cruz (R-Texas) posted on Twitter.
At the same time that Harvard—w/ a $41bn endowment—indefensibly gets $9mm in taxpayer-funded coronavirus “relief,” they publish a cover story attacking home-schooling & people of faith. Elitist condescension looking down on the rest of America doesn’t wear well, even in crimson. https://t.co/EeggyKerTU
— Ted Cruz (@tedcruz) April 19, 2020
— Martha McSally (@SenMcSallyAZ) April 22, 2020
…Among Ivy League schools, Columbia received nearly $13 million. University of Pennsylvania received almost $10 million, and Yale—which has the second largest endowment of colleges and universities in the U.S. at almost $25.5 billion—received nearly $7 million.
After the backlash, Harvard has now claimed that the funds go completely to student financial assistance. This is something they could have easily achieved by using the funds from their massive endowment, however, and they still have refused to return the funds as many have requested.