Harvard University found itself at the center of the Trump administration’s push to influence higher education after refusing to accept the White House’s terms for federal grant funding on Monday. Now, facing a $2 billion funding freeze, Harvard must look elsewhere to pick up the slack or be forced to make substantial cuts to its operations.

During the 2024 fiscal year, $686.5 million of Harvard’s $6.5 billion in revenue came from the federal government, university financial documents show. The slice of income, roughly 11% of its total, is small relative to the $2.6 billion the university took in through its investments and the approximately $900 million it accrued by providing a variety of miscellaneous services.