Harvard’s endowment is bigger than the entire economy of some countries.
They could continue to operate for decades without charging tuition or taking in a single penny.
Yet they are getting $9 million in Coronavirus relief funds. Why?
The Harvard Crimson reports:
Harvard Nets Nearly $9 Million in Coronavirus Aid from Federal CARES Act
Harvard University will receive nearly $9 million in aid from the federal government through the Coronavirus Aid, Relief, and Economic Security Act, the Department of Education announced last week.
The CARES Act — the largest economic stimulus package in American history — was signed into law on March 27. It allocates nearly $14 billion to support higher education institutions during the ongoing coronavirus pandemic.
Of the $8,655,748 Harvard is slated to receive, the government has mandated that at least half — $4,327,874 — be reserved for emergency financial aid grants to students.
The Department of Education will distribute the first $6.28 billion to colleges and universities to cover expenses such as course materials, technology, food, and housing students have incurred “related to disruptions in their education due to the COVID-19 outbreak,” according to a April 9 press release.
The Department of Education is requiring universities to sign a certification agreeing to the conditions of use before they can access the funding, but each school may allocate the financial aid funds at their own discretion.
Donald Trump Jr. tweeted about this:
So rather than going to a small business that actually needs the money, Harvard, with a $40 billion endowment and professors that keep getting arrested for giving research secrets to the Chinese Government takes $9,000,000 they don’t need so a small business can’t.
What a joke! https://t.co/ozZmLp0pRM
— Donald Trump Jr. (@DonaldJTrumpJr) April 20, 2020
So have others:
Thank God. We were all so worried its billions in endowment would have to be tapped… https://t.co/TsItkcOW7d
— James Woods (@RealJamesWoods) April 20, 2020
Harvard should Immediately FREEZE tuition for three years if they accept Taxpayer money. This is shameful. I mean they ONLY have $40 Billion to draw from. https://t.co/EwUp0OnGuy
— Corey R. Lewandowski (@CLewandowski_) April 20, 2020
Harvard shouldn't get a penny. They should have their classes cancelled permanently and their campus transformed into housing for the homeless
— Comfortably Smug (@ComfortablySmug) April 20, 2020
It’s really outrageous.