CFO offers updates on the University’s future
The COVID-19 pandemic has slammed the brakes on the global economy, putting a number of industries — including higher education — in peril. Some colleges and universities fear for their very existence, but even those on more solid footing face tough financial choices. The Gazette spoke with Thomas J. Hollister, Harvard’s vice president for finance and chief financial officer, to learn more about the latest developments in how the coronavirus has affected the University’s finances, altered budgets in its Schools and Units, and left leadership with difficult decisions about the best way to protect the health of the community while preserving Harvard’s enduring mission. Q&A Thomas J. Hollister GAZETTE: As Executive Vice President Katie Lapp wrote in a message to the community several weeks back, Harvard is facing significant financial challenges. The University’s revenue for this fiscal year is estimated to be $415 million less due to the COVID-19 pandemic, and next year, Harvard...