The president has frozen federal research funding for a host of American colleges and universities—even issuing specific demands of some top schools in exchange for federal dollars. These 39 institutions have the wherewithal to join Harvard in its resistance to Trump’s assault.
“R esearch Powers Progress” is splashed in white text across the Harvard University homepage—a tagline preceding a string of the Ivy League university’s recent scientific breakthroughs, from more effective treatments of clinical depression to achievements in robotics helping stroke victims regain mobility. It’s also a not-so-subtle rebuke of the Trump administration’s wide-ranging attack on university research funding. Harvard made headlines Monday when its president Alan Garber stood up against the Trump administration, refusing to cave to demands that the university eliminate diversity programs, curb student protest and allow federal audits in exchange for its federal funding. Garber’s rejection of Trump’s demands followed an announcement from federal agencies that they would review $9 billion in funding for Harvard two weeks earlier. The Trump administration swiftly hit back, freezing $2.2 billion in multi-year grants and $60 million in multi-year contracts for the university. On Tuesday morning, Trump threatened to strip the university of its tax exempt status via a post on Truth Social. It’s a dramatic loss of funding, but as Garber likely calculated, Harvard can afford it. The 389-year-old university has a $53 billion endowment—the largest in the world—deep philanthropic connections, a AAA debt rating and relatively little reliance on federal support for its operations compared to some of Harvard’s peers. While rare among America’s thousands of colleges, Harvard is not alone.
Forbes has identified 39 schools that have the revenue diversity and the financial strength, primarily in the form of a large endowment, to resist the Trump administration’s demands to come to heel, under the guise of combating antisemitism on campus. It’s not just a list of the richest colleges—Columbia University, with its $14.8 billion endowment, is absent, as is Cornell University, which has an endowment worth about $10.2 billion. Both of these Ivy League institutions enroll tens of thousands of students—far more than some of their peers—and have per-student endowments of about $360,000 each. Columbia, threatened to lose $400 million in federal grants and contracts,
ultimately caved to the administration’s demands, including to review its Middle East studies programs and overhaul its student protest policies by hiring 36 special officers and banning the use of face coverings to conceal identity. All 39 of the institutions on our list have endowments worth at least $500,000 per student and earned at least a B+ grade on the
Forbes Financial Grade ranking. All but one of the schools—$33 billion endowment Princeton University—relies on federal dollars for 20% or less of its operating revenues. In February, Yale University, with a $40.7 billion endowment and A+ financial grade, announced
a plan to continue funding faculty members and graduate students whose grants were unexpectedly terminated. Other wealthy, private research institutions also appear on the list, including the University of Notre Dame, Vanderbilt University and Washington University in St. Louis. Making up a bulk of the list are wealthy liberal arts and faith-based institutions, including rivals Willams and Amherst College in Western Massachusetts, each with an endowment of $3.3 billion and A+ financial grades, and Davidson College in North Carolina, with a $3.1 billion endowment and A financial grade. These types of smaller institutions are more heavily focused on undergraduate teaching, which does not rely on federal research funding. Notably absent is the Massachusetts Institute of Technology, which was cut from our list because some 53% of its operating revenues come from federal grants, appropriations and contracts, and the university also
relies on international students to make up 31% of its total student body, according to recent federal data. While extremely well endowed—the preeminent tech university has more than $23.5 billion and $1.8 million per student—it would have a harder time making up for the steep loss in federal research funding given its heavy research focus. Princeton University has about 41% of its operating revenues come from federal funding, but university leadership has already demonstrated a clear desire to resist Trump. In a sit down with the New York Times The Daily podcast, Princeton University president Christopher Eisgruber said that “the funding that is essential to the quality of American research and America’s universities is under threat,” but that he was not considering making any concessions to the Trump administration. Princeton also
plans to issue $320 million in AAA-rated bonds to fund general operations for the university, which could include supporting research. For those that plan to push back against the administration, and potentially forego federal research dollars, it won’t be as simple as dipping into their large endowment nest eggs to make up for any shortfalls, explains Lucie Lapovsky, a higher education finance and governance consultant and former president of New York’s Mercy College. “Most of the funding that is being frozen is research funding, and most endowment money is restricted to specific things. So you couldn’t suddenly divert it to AIDS research or cancer research or climate research because it’s paying for scholarships, or for faculty chairs, or things like that,” she says. Schools could approach donors who gifted restricted funds and ask them to temporarily remove the spending restrictions or repurpose the money for something else. “You see that happening with colleges when they’re in serious financial condition,” says Lapovsky. “Often they’ll reach out to donors to see if they can repurpose their money or use it to cover a deficit or ongoing operating expenses.” They can also use Trump’s current assault on elite universities as a rallying cry for fresh donations. Even for mighty Harvard University, maintaining the status quo without any federal assistance will be a significant challenge. “There was an [established] system where private money and endowment money supported certain things, and our government supported certain things, and foundations supported certain things. Research tended to be supported primarily by the government,” says Lapovsky. “There’s a variety of places that have funds to get repurposed to support research, but the magnitude of the federal research is huge.”
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