Harvard University has pledged $250 million of its own funds to sustain research impacted by a $2.7 billion federal funding freeze. Despite ongoing legal efforts to reverse the decision, immediate relief is unlikely. University President Alan Garber has announced a 25% pay cut for himself and faculty members are voluntarily donating 10% of their salaries to support the university's fight against federal cuts. While some institutions tap into their reserves for short-term support, experts warn this is not a viable long-term funding solution.
Although we cannot absorb the entire cost of the suspended or canceled federal funds, we will mobilize financial resources to support critical research activity for a transitional period.
We will mobilize financial resources to support critical research activity for a transitional period as we continue to work with our researchers to identify alternative funding sources.
Even before the funding freeze, Harvard issued $750 million in bonds as a way to raise cash.
Although other universities have turned to their own coffers, experts say that's not a sustainable way to make up the gap and fund research long term.
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