Wharton appears to be losing donors, omitting donation statistics from its annual report after a year of backlash

The Wharton School's most recent annual donor list for its core giving fund is significantly shorter than in previous years and lacks statistics that were present in previous editions.

The Wharton Fund Donor Honor Roll, consisting primarily of a list of donor names and their Penn affiliation, is published annually and recognizes all individuals who have made gifts, pledges, or commitments to Wharton's unrestricted giving fund during the university's fiscal year. The shortening of the 2024 Honor Roll, which runs to 161 pages — 23 fewer than its 2023 counterpart — suggests a decline in Wharton donors over the past 12 months.

The 2024 list consists of donors from July 1, 2023 through June 30 – encompassing the entire period of donor backlash against Penn due to concerns about an inadequate response to anti-Semitism on campus. The backlash, led by Wharton Board of Advisors Chairman Marc Rowan, ultimately led to the resignation of former Penn President Liz Magill.

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

Changes to this year's report include its brevity and the omission of statistics that summarize total donors and giving numbers. 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 – numbers not included in the most recent list.

Specifically, in 2023, Wharton listed the total number of members of the Benjamin Franklin Society – donors who made a gift of $2,500 or more in the last year – and members of the Wharton Fund Loyalty Society, consisting of people who have supported the fund three or more consecutive financial years.

The 2023 Honor Roll lists 10,530 donors, including 2,002 Benjamin Franklin Society members and 5,516 Loyalty Society members. The 2022 edition also 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.

However, the 2024 report opened with a message of thanks from Bill Bole, chief development officer of Wharton External Affairs.

“As Chief Advancement Officer, I am deeply grateful for your investment in The Wharton School and it is an honor to recognize your generosity,” Bole wrote. “Their support has made an immediate impact, sustaining the programs and resources that keep Wharton at the forefront of business education.”

During the fall 2023 semester, many prominent Wharton donors—including Rowan, the Huntsman family, and Daniel Lowy—publicly announced that they were halting their donations to the university due to its response to the Palestine Writes Literature Festival, Hamas on October 7, 2023 would attack Israel and related concerns about anti-Semitism on campus. In October 2023, Rowan, who led much of the criticism of Magill and the university's former chairman of the board of trustees, Scott Bok, asked donors to limit their donations to $1 until the two resigned.

On December 9, 2023, Magill resigned from her position as President of Penn's. Minutes later, Bok also announced his departure.

Editor's note: This story has been updated to clarify that the Wharton Fund Donor Honor Roll includes all Wharton Fund donors and not the Wharton School donor.