The regatta was cancelled in 1933 due to financial issues at several universities.  Cornell suspended athletics for the rest of the academic year in January and their representative on the IRA Board of Stewards campaigned for the cancellation of the event.  Ultimately, the stewards decided that the event was too expensive to hold during the height of the Great Depression. 

Several of the IRA member universities continued to row that year and participated in other contests including the National Inter- Collegiate Crew Regatta in Long Beach, CA.