Except Harvard IS racist, as proven by their race-based SAT requirements, plus the fact that they /allowed/ the ceremony to happen, when race-based segregation is specifically against the law.
Also, Harvard is indeed an institution, but it's also a place name. In this instance, "Harvard" could just as easily be being used as a place name. In much the same vein, it could also have said "Cambridge", "Massachusetts", or "America", and it would be understood that those places aren't sponsoring the event, merely that the event is occurring there.