evidence: The claim: Harvard has a $54 billion untaxed hedge fund called an 'endowment' [...] Harvard's $53.2 billion endowment was the largest in the country in fiscal year 2021. That year, Yale's endowment value was $42.3 billion, Stanford's was $37.8 billion and Princeton's was $37.7 billion. [...] Based on our research, we rate FALSE the claim that Harvard has a $54 billion untaxed hedge fund called an "endowment." A spokesperson for the university said it pays taxes on its endowment. Also, a university endowment is not the same as a hedge fund. Unlike a hedge fund, an endowment accepts charitable donations and can be used only to further the work of the university.