Wharton appears to lose donors, omit donation statistics in annual report after year of backlash

The Wharton School’s most recent annual donor roll for its main giving fund is significantly shorter than previous years and lacks statistics which have been present in past editions.

The Wharton Fund Donor Honor Roll, which is primarily comprised of a list of donor names and their affiliation to Penn, is released annually and recognizes all individuals who have made gifts, pledges, or pledge payments to Wharton's unrestricted giving fund during the University’s fiscal year. The shortened nature of the 2024 honor roll, which is 161 pages — 23 less than its 2023 counterpart — indicates a reduction in Wharton donors over the past 12 months.

The 2024 roll consists of donors from July 1, 2023 through June 30 — thereby comprising the entire period of donor backlash against Penn amid concerns of an insufficient respond to antisemitism on campus. The backlash — which was led by Wharton Board of Advisors Chair Marc Rowan — ultimately led to former Penn President Liz Magill’s resignation.

Several Wharton spokespeople did not respond to multiple requests for comment.

The changes on this year’s report include its brevity and an omission of statistics summarizing total donors and donation figures. The 2023 edition included the total number of donors to the Wharton Fund and several loyalty societies, as well as their percentage change from the previous year — figures which are not present in the most recent roll.

Specifically, in 2023, Wharton listed the total amount of Benjamin Franklin Society Members — donors who have made a gift of $2,500 or more in the recent year — and Wharton Fund Loyalty Society Members, comprising individuals who have supported the fund for three or more consecutive fiscal years.

The 2023 honor roll listed 10,530 donors, including 2,002 Benjamin Franklin Society Members and 5,516 Loyalty Society Members. The 2022 edition similarly noted contributions from 10,247 donors, including 2,063 Benjamin Franklin Society Members and 5,281 Loyalty Society Members, totaling $19,802,500 in donations. 

Nonetheless, the 2024 report opened with a message of gratitude from Wharton External Affairs Chief Advancement Officer Bill Bole.

“As chief advancement officer, I am deeply grateful for your investment in the Wharton School, and it is my privilege to acknowledge your generosity,” Bole wrote. “Your support went to work immediately, sustaining the programs and resources that are keeping Wharton at the forefront of business education.”

Throughout the fall 2023 semester, many prominent Wharton donors — including Rowan, the Huntsman family, and Daniel Lowy — publicly announced that they would stop donating to the University due to its response to the Palestine Writes Literature Festival, the Oct. 7, 2023 Hamas attack on Israel, and related concerns of antisemitism on campus. In October 2023, Rowan, who led much of the criticism of Magill and former University Board of Trustees Chair Scott Bok, called for donors to limit their donations to $1 until the two resign.

On Dec. 9, 2023, Magill resigned from her position as Penn’s president. Minutes later, Bok also announced his departure.

Editor's note: This story was updated to clarify that the Wharton Fund Donor Honor Roll lists all donors to the Wharton Fund, rather than to The Wharton School.