During fiscal 2023, salaries and wages rose nearly 10 percent, and benefits costs about 8 percent. At a minimum, those new employees are likely to have driven up salary and wage expenses in fiscal 2024. Philanthropy and the EndowmentAmong the most closely analyzed figures in the fiscal 2024 financial report will be the level of current use giving. With the usual caveat that other institutions’ portfolios differ significantly from the University’s, given their spending needs and investment strategies, a couple of early reports suggest that Harvard’s fiscal 2024 endowment investment returns will exceed those of last year. When issued, the fiscal 2024 financial report will provide at least some evidence about the immediate magnitude of those effects and, of greater consequence, their implications over the longer term.