Harvard has $40.9 Billion Endowment according to its FY2019 Annual Report.fy19_harvard_financial_report.pdf What is Harvard's Endowment spending policy? It can be used anytime for anything as long as the fund is available It's obligated to preserve the purchase power of the Endowment so it can last forever Balance Act : 1. It will spend a small fraction of Endowment's value each year to support Harvard's operating budget by distributing a stable and predictable amount on scholarship, research etc. 2. It is obligated to maintain the long term value of Endowment Balance Act : 1. It will spend a significant fraction of Endowment's value each year to support Harvard's operating budget by distributing a stable and predictable amount on scholarship, research etc. 2. It is obligated to maintain the long term value of Endowment