School raises nearly $600 million for financial aid, faculty development, global outreach, teaching and technology, campus renewal, and other programs
BOSTON, Feb 9, 2006 — Harvard Business School (HBS) announced today that it has completed its first capital campaign, raising nearly $600 million. This sum-the largest amount ever raised by a business school-surpasses the goal of $500 million set at the formal launch three years ago.
“The success of this campaign reflects the extraordinary accomplishments of our alumni, who hold positions of leadership in a wide range of organizations around the globe, and the pride they feel for the School,” said Dean Jay Light. “These funds allow us to make critical investments in our research and teaching programs, and to launch initiatives that will prepare new generations of leaders to face the challenges of a dynamic, rapidly changing world.”
The campaign, initiated by former Dean Kim B. Clark, who played a major role in its success before he stepped down last summer, and chaired by C.D. (Dick) Spangler, Jr. (MBA 1956), focused on supporting five key long-term priorities of the School, including boosting financial aid for students, developing top faculty, extending the School’s global outreach, devising innovative uses of technology in education, and renewing the HBS campus.
Fellowships and Financial Aid
The campaign raised over $112 million for financial aid, establishing 150 new fellowship funds to ensure that HBS remains accessible to the broadest range of talented students. Today, 80 percent of MBA students receive some form of aid, including need-based fellowships for incoming students. In addition, loan-forgiveness programs help alleviate debt for graduates seeking to pursue careers in regions of the world or sectors of the economy-such as non-profits-with lower average salaries.
Campaign funds have led to the creation of the C. Roland Christensen Center for Teaching and Learning, which builds on the School’s deep commitment to the highest quality of teaching by providing seminars, workshops, and individualized coaching sessions to both new and experienced faculty. A new endowment for the Doctoral Programs supports the School’s development of new generations of faculty for HBS and other leading institutions around the globe. The newly endowed Arthur Rock Center for Entrepreneurship-home to more than 30 faculty members-will strengthen the School’s work in a field that has been a part of the curriculum for more than 50 years.
Campaign gifts support the faculty’s extensive research and case development efforts. With research centers or offices in California, Latin America, Asia-Pacific, Europe, and India, the Harvard Business School Global Initiative works to increase understanding of international business. HBS not only incorporates the knowledge and insights created by the faculty into its own academic programs, but as the world’s leading supplier of business cases, it disseminates this information around the globe.
Teaching, Technology, and the Learning Experience
Funds from the campaign support the broad integration of technology throughout the School’s educational programs. With the recent construction of Hawes Hall and the renovation of Aldrich Hall, MBA and Executive Education classrooms are all equipped with the latest presentation, video production, telecommunication, and e-learning technology. HBS professors, supported by the School’s IT staff, have developed a variety of innovative tools to support the teaching and learning process. Online pre-matriculation courses, for example, enable incoming students to learn the basic concepts of accounting, finance, quantitative methods, and information technology at their own pace before coming to campus, while multimedia case studies enrich MBA classroom discussions.
The campaign supported significant enhancements of the HBS campus, including the construction of the Spangler Campus Center, which offers a wide range of venues and services for both the MBA program and the entire HBS community. The renovated and reconstructed Baker Library, with its historic reading room and world-class collection of business books and archival materials, is now an improved resource for both students and scholars from around the globe.
About $440 million of the campaign gifts went directly to the HBS endowment, a collection of more than 800 individual funds currently valued at $2.1 billion that have been established over the years to provide long-term financial stability. Distributions from the endowment can only be used to support programs and activities specifically designated by the donors, and they contribute about 17 percent of the School’s $330 million annual operating budget. Ninety-three percent of the HBS endowment is currently restricted in this manner. The campaign raised about $35 million in unrestricted gifts to support innovative activities, and the remainder of the campaign funds has supported capital projects.
“The extraordinary generosity of our alumni and other contributors to this campaign reflects the importance of the role HBS has played in their lives and the world of business,” said Spangler, former chairman of the Bank of North Carolina and former president of the Harvard University Board of Overseers, who served as president of the University of North Carolina from 1986 to 1997. “It also demonstrates their commitment to providing that same opportunity for tomorrow’s leaders.”
About Harvard Business School: Founded in 1908 as part of Harvard University, Harvard Business School (www.hbs.edu) is located on a 40-acre campus in Boston. Its faculty of more than 200 offers full-time programs leading to the MBA and doctoral degrees, as well as more than 40 Executive Education programs. For almost a century, HBS faculty have drawn on their research, their experience in working with organizations worldwide, and their passion for teaching to educate leaders who have shaped the practice of business around the globe.