Harvard relelases 2009 financial report

Harvard's 2009 financial report, released on Friday evening, describes some incredibly risky behavior that contributed to Harvard's massive losses this year. Regarding future capital spending, Harvard Magazine writes that:

Capital spending and property acquisitions totaled $644 million, about $50 million from fiscal year 2008. Major projects included the Law School’s Northwest Corner complex, where steel was being erected this autumn; the prospective renovation and expansion of the Fogg Art Museum; and the Allston science complex, where work will be reassessed at the end of this calendar year.

Shore said that Harvard was “still in the process of planning and thinking about the options for all” major construction projects, including the art museum; design details, construction costs, and financing are still being reevaluated.

Additional work on Allston will obviously be a long-term project. In the interim, Shore noted, Harvard has to identify appropriate uses for properties it has acquired but now will not occupy or redevelop for an extended period. Institutional uses, codevelopment options, and private alternatives for use of the land by other investors are all options to consider. “We haven’t ruled out any option,” Shore said.

Also, money that would have been spent on the Allston expansion is now being used to renovate labs in Longwood and Cambridge for scientists who were planning on relocating to the Allston Science Complex
An unanticipated but significant project is the renovation of Cambridge laboratories (and relocation of some existing laboratories) to accommodate stem-cell scientists, and similar work in the Longwood Medical Area, for bioengineering researchers; both had been scheduled to go into the Allston complex, the completion of which is delayed at best. This previously unscheduled work will be paid for as part of the Allston-related infrastructure fund, given the necessary redeployments.


  1. And here's another problem with the mayor's performance:
    9. Why hasn't Mayor Menino stood up to Harvard and demanded it stop mothballing its land purchases in Allston and Brighton? Why doesn't he insist Harvard follow through with its commitments to help build a stronger neighborhood with the land it keeps relentlessly acquiring? Why won't he require Harvard to move forward with developing the whole Holton Street corridor along with Charlesview instead of offering us tiny parcels in exchange for our support? If he won't stand up for a Boston neighborhood in the face of this huge institutional threat, why don't we elect a mayor who will?

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