Harvard Management Company
Harvard Management Company reported $130.5 million in revenue and $130.5 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $94.75 went to program services, $5.25 to management and general costs and $0.00 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 100.0% of the total. The highest compensation it reported for one person was $6,383,808 (MD - President & CEO). 97 people received more than $100,000 in reportable compensation. Revenue rose 18% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $131MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $131MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 94.8% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 5.2% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | Not reported | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 0.0% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 100.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $6,383,808 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 4.89% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 97 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 0.0 | 13.3 |
| Independent voting board members Part VI 1a–1b | 10 of 13 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseHarvard Management Company, inc. Was established to promote the educational purposes of president and fellows of harvard college, a nonprofit institution for higher education, by providing investment research, advice, counsel and management to and for the benefit of president and fellows of harvard college and such organizations affiliated therewith or related thereto as they may designate, provided that such organizations further the educational purposes of president and fellows of harvard college. The president and fellows of harvard college makes payments to Harvard Management Company…
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| MD - President & CEO Director/trustee, officer, 50.0 hrs/week | $6,214,550 | $0 | $169,258 | $6,383,808 |
| MD - CIO Key employee, 60.0 hrs/week | $4,975,686 | $0 | $149,874 | $5,125,560 |
| MD - COO/CFO & Treasurer Officer, 50.0 hrs/week | $4,967,949 | $0 | $152,570 | $5,120,519 |
| MD - GENERALIST TEAM Highest compensated employee, 60.0 hrs/week | $3,496,393 | $0 | $122,076 | $3,618,469 |
| MD - Generalist Team Highest compensated employee, 60.0 hrs/week | $3,076,911 | $0 | $121,628 | $3,198,539 |
| MD - GENERALIST TEAM Highest compensated employee, 60.0 hrs/week | $3,030,167 | $0 | $120,183 | $3,150,350 |
| MD - GENERALIST TEAM Highest compensated employee, 60.0 hrs/week | $2,880,415 | $0 | $117,298 | $2,997,713 |
| MD - GENERALIST TEAM Highest compensated employee, 60.0 hrs/week | $2,838,860 | $0 | $116,385 | $2,955,245 |
97 people received more than $100,000 in reportable compensation from Harvard Management Company (Part VII, line 2). Compensation of current officers, directors and key employees totaled $19M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b13 · 10 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14No
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 5119
Correct a figure or respond
Every number above is copied from Harvard Management Company's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Harvard Management Company, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Harvard Management Company spent in FY2025, $94.75 went to programs. The full breakdown, from its IRS Form 990:
Questions people ask
How much of Harvard Management Company's spending goes to programs?
In the fiscal year ending June 30, 2025, Harvard Management Company reported that 94.8% of its $130.5 million in expenses went to program services, 5.2% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Harvard Management Company pay its top executive?
The largest total compensation Harvard Management Company reported for one person in the fiscal year ending June 30, 2025 was $6,383,808, for the role of MD - President & CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Harvard Management Company get its money?
Of $130.5 million in revenue in the fiscal year ending June 30, 2025, 0.0% came from contributions and grants and 100.0% from program service revenue (Form 990, Part VIII).
Is Harvard Management Company a registered charity?
The IRS lists EIN 23-7361259 as a 501(c)(3) organization (publicly supported organization (509(a)(2))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202641329349302354 · read the filing
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202541349349310119 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202411319349301026 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202311319349303021 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202201329349305845 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202131339349304673 · read the filing
All filings for EIN 23-7361259: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.