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Harvard Faces $113 Million Budget Shortfall After Trump Cuts
Illustrative: Anti-Zionist Harvard students participating in a sit-in against Israel amid its war targeting Hamas terrorists in Gaza. Cambridge, Massachusetts, US, Nov. 16, 2023. Photo: Brian Snyder via Reuters Connect
Harvard University registered a $113 million budget deficit caused chiefly by the Trump administration’s confiscation of much of its federal contracts and grants as punishment for, among other alleged misdeeds, its admitted failure to combat antisemitism on campus, a Harvard report revealed last week.
According to Harvard’s “Financial Report: Fiscal Year 2025,” the university’s spending exceeded the $6.7 billion it amassed from donations, taxpayer support, tuition, and other income sources, such as endowment funds earmarked for operational expenses. Harvard also suffered a steep deficit in non-restricted donor funds, $212 million, a possible indication that philanthropists now hesitate to write America’s oldest university a blank check due to its inveterate generating of negative publicity — prompted by such episodes as the institution’s botching the appointment of its first Black president by conferring the honor to a plagiarist and its failing repeatedly to quell antisemitic discrimination and harassment.
Despite the 2025 fiscal year deficit, the total value of Harvard’s endowment grew by 11.9 percent to $56.9 billion, according to the report. However, school officials noted the challenge that federal pressure has presented to its financial situation.
“Even by the standards of our centuries-long history, fiscal year 2025 was extraordinarily challenging, with political and economic disruption affecting many sectors, including higher education,” Harvard president Alan Garber said in a statement. “We continue to adapt to uncertainty and threats to sources of revenue that have sustained our work for many years. We have intensified our efforts to expand our sources of funding.”
US President Donald Trump’s abrupt cancellation of taxpayer funds awarded to Harvard maimed the university as well, dropping its federal sponsored revenue fell by 8 percent to $629 million and incinerating exorbitant dollar amounts from Harvard’s portfolio. Speaking to The Harvard Gazette on Thursday, Harvard’s chief financial officer Ritu Karla pointed to “$116 million in sponsored funds — which are reimbursements for costs the university has already incurred” that “disappeared almost overnight” when Trump penalized Harvard in April.
Harvard will continue to feel Trump’s wrath as it pays out a new tax on endowment investments which Congress imposed on the country’s wealthiest universities in July. Its liability could be as high as $368.2 million, climbing to $454.8 million by 2030, according to an analysis conducted by American Enterprise Institute (AEI) researchers Mark Schneider and Christopher Robinson.
As previously reported by The Algemeiner, in April, Trump ordered the expropriation of $2.26 billion in Harvard’s federal funds after the institution refused to agree to a wishlist of policy reforms that Republican lawmakers said would make higher education more meritocratic and less welcoming to anti-Zionists and far-left extremists. Contained in a letter the administration sent to Garber — who subsequently released it to the public — the policies called for “viewpoint diversity in hiring and admissions,” the “discontinuation of [diversity, equity, and inclusion, or DEI, initiatives],” and “reducing forms of governance bloat.” They also implored Harvard to begin “reforming programs with egregious records of antisemitism” and to recalibrate its approach to “student discipline.”
Harvard refused the president his wishes even after losing the money and took the issue to federal court. Meanwhile, it built a financial war chest, leveraging its GDP-sized assets to issue over $1 billion dollars in new debt and drawing on its substantial cash reserves to keep the lights on. Eventually, it overcame the administration in the first stage of litigation, securing from a judge appointed by former US President Barack Obama restitution of some of the funds the administration impounded — but the nine-figure sum it lost in the process has led to its largest budget deficit since the Covid-19 pandemic, according to The Harvard Crimson.
“We are also examining operations at every level of the university as we seek greater adaptability and efficiency,” Garber said in Thursday’s statement. “In parallel, we continue to ensure that our academic environment nurtures excellence in all of our endeavors. We are promoting open inquiry, constructive dialogue, and viewpoint diversity, and pursuing our priorities with the resolve that the times demand.”
In additional commentary contributed to the report, Harvard treasury officials Timothy Barakett and Ritu Kalra said, “All of these developments have raised new questions about the financial foundations of higher education and underscore a shifting federal policy environment that will shape the future.” They also said that the “this result could have been much worse,” adding, “it reflects not only the magnitude of the disruption, but also the discipline of a university community that acted quickly and with resolve.”
More disruptions are forthcoming, as Harvard may have to fight again for its taxpayer funds before a US Supreme Court with which it lost a historic case that ended racial preferences in admissions, a policy once popularly known as “affirmative action,” because the court found Harvard’s own imposition of the practice on applicants resulted in widespread discrimination against Asian Americans.
Furthermore, Harvard remains under investigation over its handling of campus antisemitism. The US House Committee on Education and the Workforce wrote to Garber last month asking the university to comply with requests for internal communications regarding discrimination complaints filed by Jewish students.
The committee said it is especially interested in documents related to an October 2023 incident in which two anti-Zionists activists, joined by a mob, assaulted a Jewish graduate student while screaming “Shame!” at him as he struggled to free himself.
“Obtaining the documents will aid the committee in considering whether potential legislative changes, including legislation to specifically address antisemitic discrimination, are needed,” said the letter, authored by the committee’s chairman, Rep. Tim Walberg (R-MI), and Rep. Elise Stefanik (R-NY). “Harvard does not appear to have disciplined — and instead has rewarded — two students who assaulted an Israeli Jewish student who was filming a ‘die-in’ protest on Oct. 18, 2023.”
Walberg and Stefanik also demanded confirmation of Harvard’s decision to pause a partnership with Birzeit University in the West Bank. The Harvard-Birzeit partnership was put into abeyance following an internal investigation of Harvard’s François-Xavier Bagnoud Center for Health and Human Rights (FXB), the institution directly affiliated with Birzeit. It is not clear what ultimately caused Harvard to discontinue the arrangement, but it is a move for which prominent members of the Harvard community and federal lawmakers have clamored before.
“As you know, postsecondary institutions that receive federal funds must maintain a safe learning environment and fulfill all obligations under Title VI and its accompanying regulations,” they continued. “This includes the obligation to promptly address discrimination, including harassment that creates a hostile environment, wherever such circumstances may be found to exist.”
Follow Dion J. Pierre @DionJPierre.
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Israeli High-Tech Funding Rises to Nearly $16 Billion in 2025, Report Says
A NVIDIA logo appears in this illustration taken Aug. 25, 2025. Photo: REUTERS/Dado Ruvic/Illustration
Israeli high–tech companies raised $15.6 billion in private funding in 2025, up from $12.2 billion in 2024, Startup Nation Central said in a report on Monday citing preliminary data.
The tech sector, regarded as one of the largest in the world, accounts for about 20% of GDP, 15% of jobs and more than half of Israeli exports.
It has proved resilient, despite the war in Gaza, which began in 2023, when total funding was $10 billion.
Global giants, such as Nvidia, in 2025 said they would increase their physical and talent presence in Israel.
The number of funding deals, at 717, was the lowest in the last decade, but the deals were higher value. The median private deal, SNC said, reached a record $10 million – up 67% over 2024.
The year 2025 “was not about a return to business as usual; it was a pivot toward high-conviction maturity,” said Avi Hasson, CEO of SNC.
M&A activity reached a record $74.3 billion in value, spread over 150 deals, the data showed.
It was led by Alphabet’s $32 billion purchase of cyber firm Wiz and Palo Alto Networks’ $25 billion acquisition of cyber rival CyberArk.
SNC said the level of M&A in Israel reflected multi-nationals’ efforts “to secure critical innovation.”
“These companies are effectively turning to Israeli startups into their next generation of R&D engines, laying the groundwork for additional acquisitions,” it said.
Funding for tech startups in 2024 was led by $5.2 billion for mid-stage rounds, followed by early-stage investments of $3.9 billion and $2.5 billion for later stages, SNC said.
A number of Israeli companies went public, raising more than $10 billion.
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Turkey Claims Kurdish-Led SDF Does Not Intend to Advance Integration With Syrian State
Turkish Foreign Minister Hakan Fidan speaks during an interview with Reuters at the 23rd edition of the annual Doha Forum, in Doha, Qatar, Dec. 6, 2025. Photo: REUTERS/Ibraheem Abu Mustafa
The Kurdish–led Syrian Democratic Forces in Syria appear to have no intention of honoring a commitment to integrate into the state‘s armed forces by a year-end deadline, Turkey‘s foreign minister claimed on Monday.
Turkey views the US-backed SDF, which controls swathes of northeastern Syria, as a terrorist organization and has warned of military action if the group does not honor the agreement.
Last week, Foreign Minister Hakan Fidan said Turkey hoped to avoid resorting to military action against the SDF, but that its patience was running out.
‘NO INTENTION’
“We see the SDF has no intention to make too much of an advance [toward integration],” Fidan said on Monday in Damascus after talks between a high-level Turkish delegation and Syrian President Ahmed al-Sharaa, Foreign Minister Asaad al-Shibani, and others.
“The SDF is running some of its operations in coordination with Israel, [and this] is actually a major obstacle to ongoing negotiations with Damascus,” he said.
The visit to Syria’s capital by the Turkish officials, who included Turkey‘s defense minister and intelligence chief, came amid efforts by Syrian, SDF, and US officials to show some progress with the deal.
Turkey has accused the SDF of stalling ahead of a year-end deadline and Israel of resorting to “destabilizing” policies in Syria and of causing security risks in the country’s south.
There was no immediate comment on Fidan’s remarks from the SDF or Israel.
Ankara says the SDF presence along its southern borders poses a security threat to both Turkey and Syria, and that the Damascus government must address this. It has said any integration must ensure the SDF is disbanded – in line with a disarmament process between outlawed Kurdish PKK militants and the Turkish state – and its chain of command broken.
DAMASCUS MAKES NEW PROPOSAL TO SDF
Sources have previously told Reuters that Damascus sent a proposal to the SDF expressing openness to reorganizing the group’s roughly 50,000 fighters into three main divisions and smaller brigades as long as it cedes some chains of command and opens its territory to other Syrian army units.
Shibani said Damascus did not see “any initiative or serious will” from the SDF to implement the agreement but had recently proposed to the Syrian Kurds another way to advance the process.
“We received a response yesterday and this response is currently being studied,” he said.
Turkey has conducted cross-border military operations against the SDF in the past.
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Homemade Bombs Thrown Before Bondi Mass Shooting, but Failed to Detonate, Police Tell Court
A CCTV footage shows Naveed Akram and his father, Sajid Akram, both suspects in the shooting attack during a Jewish Hanukkah celebration at Bondi Beach on Dec. 14, carrying items wrapped in blankets, while exiting 103 Brighton Avenue, Campsie, New South Wales, Australia, in this still image taken from a court document released on Dec. 22, 2025. Photo: NSW Police/Handout via REUTERS
Australian police say homemade pipe and tennis ball bombs were thrown at a crowd at Bondi Beach before a mass shooting but failed to detonate, according to court documents released on Monday.
Fifteen people were killed and dozens injured in the mass shooting at a Jewish Hanukkah celebration at Bondi on Dec. 14. The attack has shocked the nation and sparked calls for tougher gun laws and heightened efforts to stop antisemitism.
One of the alleged gunmen, Sajid Akram, 50, who was shot dead by police, owned six firearms. His 24-year-old son Naveed Akram has been charged with 59 offenses, including murder and terrorism, according to police.
The alleged gunmen had planned the attack for several months and visited the Bondi beachside park for reconnaissance two days prior, said a police fact sheet released by the court.
Pictures included in the police report showed the father and son allegedly training with firearms in an isolated rural part of New South Wales, Australia’s most populous state which includes Sydney.
Police found a video taken in October on one of the gunmen’s mobile phone showing them sitting in front of an image of an Islamic State flag and making statements in English about their reasons for the attack, while condemning the acts of Zionists.
Just after 2:00 am (1500 GMT) on the day of the attack, the men were captured on CCTV video carrying long and bulky items wrapped in blankets from a short-stay rental house in the suburb of Campsie to a car, said the police report.
They later drove to Bondi around 5:00 pm (0800GMT).
Police believe the items wrapped in the blankets were two single-barrel shotguns, a Beretta rifle, three pipe bombs, a tennis ball bomb, and a large improvised explosive device.
Police allege the men threw the pipe bombs and tennis ball bomb at the crowd in the Bondi park before they began shooting, but the explosive devices did not detonate, according to the statement tendered to the court.
Police said that they later found 3D printed parts for a shotgun component at the Campsie house, bomb making equipment, and copies of the Quran.
TOUGH NEW GUN LAWS
The parliament of New South Wales state was recalled on Monday to vote on proposed new laws that would impose major curbs on firearm ownership, ban the display of terror symbols, and restrict protests, following the mass shooting.
The state legislation would cap the number of firearms a person can own at four, or up to 10 for certain groups, such as farmers.
Although Australia has some of the toughest gun control laws in the world after a 1996 shooting that killed 35 people, the Bondi shooting has highlighted what authorities say are gaps.
In New South Wales, there are more than 70 people in the state who own more than 100 guns, a police firearms registry shows. One license holder has 298 guns.
The proposed legislation would also give police more powers to remove face coverings during protests or rallies. The state government has vowed to ban the chant “globalize the intifada” which it says encourages violence against Jews and Israelis worldwide.
New South Wales Premier Chris Minns told reporters outside parliament that he expected opposition to the legislation, which includes restrictions on public assemblies in the aftermath of a terrorism event, but said it was needed to keep the community safe.
“We have got a responsibility to knit together our community that comes from different races and religions and places from all over the world. We can do it in a peaceful way,” he said.
‘I AM SORRY’ PRIME MINISTER SAYS
Prime Minister Anthony Albanese has faced mounting criticism from opponents who argue his government has not done enough to curb a rise in antisemitism. He was booed by sections of the crowd during a memorial event in Bondi attended by tens of thousands of people on Sunday, one week after the shooting.
A poll conducted for the Sydney Morning Herald newspaper among 1,010 voters released on Monday found Albanese’s approval rating slumped 15 points to -9 from +6 at the beginning of December, the lowest since his resounding election win in May.
Albanese on Monday said he understood that some of the anger in the Jewish community in the aftermath of the attack was directed toward him and pleaded for national unity.
“As prime minister I feel the weight of responsibility for an atrocity that happened whilst I am prime minister and I am sorry for what the Jewish community and our nation as a whole has experienced,” he told reporters in Canberra.
Albanese’s government says it has consistently denounced antisemitism and highlighted legislation passed over the last two years to criminalize hate speech and doxxing. It also expelled Iran’s ambassador earlier this year after accusing Tehran of directing antisemitic attacks in Sydney and Melbourne.
Further measures to stop hate speech proposed by Albanese’s government on Monday include a new offence of adults seeking to influence and radicalize children.
Authorities on Monday started clearing flowers, candles, letters, and other items placed by the public at Bondi Beach.
The tributes would be preserved for display at the Sydney Jewish Museum and the Australian Jewish Historical Society, authorities said.
Thirteen people remain in hospital, including four in critical but stable condition, health officials said.