With a $42 billion dollar endowment at Harvard I am not sure why the hell $30M a year for sports would matter but it does apparently....
This was published in the Harvard Crimson in April of 2020:
In the face of a financial crisis, Harvard Athletics has deferred all capital projects and is considering other cost-cutting moves, Director of Athletics Robert L. Scalise said in an interview last week.
The department has halted refurbishing some of its facilities following the Faculty of Arts and Sciences’s
announcement that it would postpone all capital projects indefinitely. FAS — the division of the University that oversees the College and thus Harvard Athletics — has already
incurred nearly $30 million in unforeseen expenses and lost revenue as a result of the coronavirus outbreak. Those losses place FAS in a deficit for FY 2020.
Projects at the top of the department’s agenda had included improvements to the wrestling team’s facilities housed in the Malkin Athletic Center, the Weld and Newell boathouses used by Harvard’s men and women’s crew teams, and the sailing center, which
sank into the Charles River more than two years ago.
“It’s unrealistic to think that we’re going to be able to operate the way we did in the past,” Scalise said.
“People will be creative, and we’ll try to minimize the negative impact but there will be some things that have to change, just to be realistic and to be responsible,” he added.
During the 2018-2019 academic year, Harvard Athletics operated a budget of nearly $30 million, according to the Equity in Athletics Data Analysis compiled by the United States Department of Education.
Harvard boasts the most varsity athletics programs — 42 — out of the nearly 350 colleges and universities that comprise the National Collegiate Athletics Association Division I. Nearly 1,200 Harvard College students play on a varsity team, according to a Harvard Athletics website.
Though the extent of the cuts remains unclear, Scalise said the department will draw on its experience from the previous recession, when it
trimmed its budget by 15 percent.
During the previous financial crisis, Scalise explained, the department tried to limit its cuts to areas that would not affect student-athletes. Faced with a similar situation roughly ten years later, Scalise said he is not sure the department can afford to shield its varsity programs entirely.