Financial Highlights
Statement of Activities
Balance Sheet
Cash Position
Endowment Assets and Similar Funds
Debt and Credit Ratings
Sponsored Research and Gifts
2007-08 Financial Statement Highlights
Statement of Activities
“The Bottom Line”
- Net assets for the University as a whole and its affiliates decreased by 1.3% or $34.3 million.
Change in Net Assets from Current Year Activities
(Summarizes Statement of Activities)
| ($ in Thousands) | University | Affiliated Entities | ||
| 2008 | 2007 | 2008 | 2007 | |
| Operating Change in Net Assets | $ 68,943 | $ 101,623 | $ 10,963 | $ 16,703 |
| Non-Operating Change in Net Assets | (128,084) | 225,178 | 13,838 | 10,819 |
| Effect of Change in Accounting Principle* | - | (27,266) | - | (6,786) |
| Change in Net Assets | $ (59,141) | $ 299,535 | $ 24,801 | $ 20,736 |
- Consolidated operating activities resulted in a positive change in net assets of $79.9 million. University operating activities increased net assets by $68.9 million, and the operations of affiliated entities increased net assets by $11.0 million.
- University non-operating activities decreased net assets by $128.1 million. Affiliated entities non-operating activities increased net assets by $13.8 million. The consolidated decrease to net assets from non-operating activities is $114.2 million.
Consolidated Statement of Activities
for Years Ended June 30, 2007 and 2006
| ($ in thousands) | 2008 | 2007 |
| Operating revenues: | ||
| Tuition and fees | $269,926 | $242,121 |
| Less scholarships and fellowships | (108,378) | (97,948) |
| Net tuition and fees | 161,548 | 144,173 |
| State and local appropriations | 1,796 | 1,954 |
| Grants and contracts | 366,278 | 362,156 |
| Gifts and pledges | 98,733 | 75,494 |
| Hospital and faculty practice patient care activities | 1,520,558 | 1,445,795 |
| Auxiliary enterprises | 69,155 | 65,030 |
| Investment income on cash and operating investments | 12,192 | 23,731 |
| Educational activities | 24,040 | 25,749 |
| Royalty income | 64,921 | 61,429 |
| Other sources | 14,225 | 10,223 |
| Long-term investment income and gains allocated to operations | 85,195 | 79,672 |
| Total operating revenues: | 2,418,641 | 2,295,406 |
| Operating expenses: | ||
| Salaries and wages | 1,143,813 | 1,058,157 |
| Fringe benefits | 302,858 | 280,837 |
| Total compensation | 1,446,671 | 1,338,994 |
| Supplies | 296,107 | 291,986 |
| Business and professional | 215,045 | 191,989 |
| Utilities | 55,043 | 53,668 |
| Maintenance and facilities costs | 89,950 | 81,710 |
| Depreciation expense | 127,622 | 118,810 |
| Interest expense | 35,352 | 29,888 |
| Other | 72,945 | 70,035 |
| Total operating expenses | 2,338,735 | 2,177,080 |
| Change in net assets from operating activities | 79,906 | 118,326 |
| Non-operating activities: | ||
| Long-term investment activities: | ||
| Investment income | 21,664 | 26,997 |
| Net appreciation/depreciation | (42,738) | 292,540 |
| Total long-term investment activities | (21,074) | 319,537 |
| Long-term investment income and gains allocated to operations | (85,195) | (79,672) |
| Loss on extinguishment of debt | - | (1,018) |
| Other changes, net | (1,709) | (802) |
| Change in valuation of annuities | (6,268) | (2,048) |
| Change in net assets from non-operating activies | (114,246) | 235,997 |
| Change in net assets before cumulative effect of change in accounting principle | - | 354,323 |
| Cumulative effect of change in accounting principle | - | (34,052) |
| Change in net assets | (34,340) | 320,271 |
| Beginning net assets | 2,733,889 | 2,413,618 |
| Ending net assets | $2,699,549 | $2,733,889 |
Statement of Activities 2007-08
