Harvard University’s endowment grew to a whopping $53.2 billion during fiscal year 2021, Harvard Magazine reported. The new total reflects a 27 percent increase during the fiscal year that ended in June.
The Ivy League institution also reported a $283 million budget surplus in fiscal 2021 -- a far cry from fiscal 2020, when the university was left with a $10 million operating deficit.
Brown University also saw its endowment swell in fiscal 2021, the university reported. The private institution’s endowment notched a 50 percent return and grew to $6.9 billion last fiscal year.
Brown and Harvard are just two of many wealthy institutions that have seen double-digit returns on their endowments as the pandemic wanes.