Reaction of university donors during Israel–Hamas war

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After the October 7 attacks in Israel, donors to colleges and universities in the United States halted donations or cut ties with the schools over their responses to the attacks and the resulting antisemitism on campuses. The reaction has been called a donor backlash [1] [2] or donor revolt. [1] [3]

Contents

Background

At colleges and universities in the United States, private donors give to specific purposes, often site on universities' board of trustees, and can fill funding gaps. According to Indiana University's Lilly Family School of Philanthropy, educational institutions are second only to religious institutions as the largest recipient of donations in the United States. At Harvard University, for example, philanthropy was the single largest contributor of revenue, accounting for 45% of the university's income. [1]

Events

In the aftermath of the October 7 attacks, there was a rise of anti-Israel speech and antisemitism on campuses such as Harvard University and the University of Pennsylvania. Influential donors announced they would cut their ties to the schools in protest of the college administrators' response. [1]

Harvard University

At Harvard, a coalition of student groups released an anti-Israel statement solely blaming Israel. Only three days later did Harvard address the matter directly with a statement from then-president Claudine Gay that drew criticism from Jewish and Israeli students for not acknowledging the barbarity of the October 7 attacks. [1] [4]

On October 13, philanthropist Idan Ofer stepped down from the executive board of the Harvard Kennedy School, citing "lack of clear evidence of support from the University’s leadership for the people of Israel following the tragic events of the past week, coupled with their apparent unwillingness to recognize Hamas for what it is, a terrorist organization." [4]

On October 16, the Wexner Foundation cut ties with Harvard, citing the "dismal failure of Harvard’s leadership to take a clear and unequivocal stand against the barbaric murders of innocent Israeli civilians by terrorists." [5]

University of Pennsylvania

In September, the university hosted the controversial Palestine Writes Literary Festival, prompting more than 4,000 people, including prominent donors, to sign an open letter to Magill, saying that "platforming of outright antisemitism without denunciation from the university is unacceptable." After the October 7 attacks, donors such as Mark Rowan, CEO of Apollo Global Management, called the university's response not enough, demanded that Magill and Bok step down, and called for other alumni to "close their checkbooks" until their resignations. [6] [7] According to CNBC, In 2018, Rowan gave $50 million to the Wharton School, considered the largest donation the school had ever received. Rowan chaired Wharton's board of advisors. Rowan was a key influential voice encouraging wealthy donors to withhold donations to schools. [3]

After hearing Rowan's criticism of UPenn, investor Steve Eisman asked UPenn to remove his family's name from a scholarship, telling officials that "he does not want my family's name associated with the University of Pennsylvania, ever." Eisman was also frustrated by UPenn's response to the Palestine Write Literary Festival. [3]

On October 15, Jon Huntsman Jr. announced that his family foundation would stop donating to UPenn, writing to Magill that "Moral relativism has fueled the university’s race to the bottom and sadly now has reached a point where remaining impartial is no longer an option." Huntsman previously served on the school's board of trustees. Jon Huntsman Sr. had donated at least $50 million to the Wharton School as of 2014. [7]

On October 23, Rowan and dozens of donors to other Ivy League schools such as Yale University and Harvard participated in a call to discuss pausing their financial support for the schools. [3]

Bill Ackman of Pershing Square, David Magerman, and Leon Cooperman also announced their plan to stop donating to their preferred universities to protest how the schools have responded to the war. [3]

Reactions

Senate Majority Leader Mitch McConnell praised Rowan on the Senate floor, noting that Rowan's call to boycott the school had spread like wildfire, precipitating a crisis that by one account could put a billion-dollar hole in the university's books. [3]

Impact

According to Lee Gardner of the Chronicle of Higher Education , the financial impact on schools such as Harvard and UPenn would likely be felt in the long-term, on gifts and donations that would come to fruition for years. Smaller private schools and state flagship schools would be impacted if the donor backlash spread from the Ivy League. Sara Harberson, a former associate dean of admissions at UPenn said that big donors cutting ties could convince smaller donors to end their contributions, hurt alumni relations, and put pressure on the university president or board of trustees. [1]

In November 2023, Harvard gift officers expressed their fear in the Harvard Crimson that long-term donors would stop giving to the school as a result of the controversy over the University's response to the Israel-Hamas war and concerns about antisemitism on campus. [2]

See also

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References

  1. 1 2 3 4 5 6 Meyersohn, Nathaniel (2023-10-19). "Harvard and UPenn donors are furious. It may have a financial domino effect". CNN . Retrieved 29 April 2024.
  2. 1 2 "Harvard's Gift Officers Are Worried About Backlash Over the School's Israel-Hamas Response. Here's Why". Harvard Crimson . 2023-11-29. Retrieved 1 May 2024.
  3. 1 2 3 4 5 6 "Wall Street titans help fuel Ivy League donor revolt". CNBC . 2023-11-02. Retrieved 29 April 2024.
  4. 1 2 Andersen, Travis (2023-10-13). "Philanthropist couple leaving Harvard Kennedy School board over university's response to Hamas attack". Boston Globe . Archived from the original on 2023-10-13. Retrieved 29 April 2024.
  5. ↑ "Wexner Foundation cuts ties with Harvard after Israeli billionaire Ofer quits board". CTech . 2023-10-16. Retrieved 29 April 2024.
  6. ↑ Berg, Madeline (2023-10-12). "Apollo CEO is calling for University of Pennsylvania leaders to resign after he says they refused to strongly condemn antisemitism". Business Insider . Retrieved 29 April 2024.
  7. 1 2 Mitovich, Jared (2023-10-15). "Huntsman family, longtime Penn supporters, will halt donations to 'unrecognizable' University". Daily Pennsylvanian . Retrieved 29 April 2024.
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