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Harvard University's Deficit Soars to $34 million

BOSTON -- Harvard University finance officials are pledging to manage costs better and pursue innovative revenue strategies after its deficit soared to $34 million in the most recent fiscal year, compared with a $7.9 million shortfall the previous year.

A financial report released Friday says the school saw revenues jump 5% to $4.2 billion, due largely to the increased annual distribution from its hefty $32.7 billion endowment.

Revenue also was bolstered by a 17% increase in gifts for current use, from $289 million in the previous fiscal year to $339 million in the most recent year.

Operating expenses for the nation's oldest school rose 6% to $4.2 billion. Benefits, wages and other compensation expenses accounted for about half the expenses.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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