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Financial Statement Highlights

Statement of Activities

“The Bottom Line”

• Net assets for the University as a whole declined by less than 1.0% or $11.3 million.

Change in Net Assets from Current Year Activities
(Summarizes Statement of Activities)

($ in Thousands)	University		Affiliated Entities
	2003	2002	2003	2002
Operating Change in Net Assets	$20,448	$44,543	$58	$(1,439)
Non-Operating Change in Net Assets	(18,304)	(109,904)	(13,547)	6,583
Change in net assets before cumulative effect of change in accounting principle	—	(65,361)	—	5,144
Cumulative effect of change in accounting principle	—	21,183	—	—
Change in Net Assets	$2,144	$(44,178)	$(13,489	$5,144

• Consolidated operating activities resulted in a positive change in net assets of $20.5 million. University operating activities increased net assets by $20.4 million, and the operations of affiliated entities resulted in a very slight increase of less than $1 million.
• University non-operating activities decreased net assets by $18.3 million as a result of the downturn in the capital markets and use of endowment to support operations. Affiliated entities non-operating activities decreased net assets by $13.5 million.

Consolidated Statement of Activities
for Years Ended June 30, 2003 and 2002

($ in thousands)	2003	2002
Operating revenues:
Tuition and fees	$190,037	$180,184
Less scholarships and fellowships	(76,491)	(73,872)
Net tuition and fees	113,546	106,357
State and local appropriations	1,937	1,830
Gifts and pledges	44,579	52,473
Grants and contracts	278,005	262,657
Hospital and faculty practice patient care activities	1,040,185	972,499
Auxiliary enterprises	40,777	37,648
Investment income on cash equivalents	5,525	5,342
Educational activities	24, 581	24, 015
Royalty income	31,364	37,691
Other sources	3,161	3,225
Longterm investment income and gains allocated to operations	69,703	66,189
Total operating revenues:	1,653,363	1,569,926
Operating expenses:
Salaries and wages	808,269	770,042
Fringe benefits	212,000	188,130
Total compensation	1,020,269	958,172
Supplies	204,993	197,210
Business and professional	108,840	108,145
Utilities	24,966	22,967
Maintenance and facilities costs	42,827	35,368
Depreciation expense	107,697	107,754
Interest expense	24,455	26183
Other	98,810	71,023
Total operating expenses	1,632,857	1,526,822
Change in net assets from operating activities	20,506	43,104
Non-operating activities:
Longterm investment activities:
Investment income	24,109	24,773
Net appreciation/depreciation	30,292	(79,359)
Total longterm investment activities	54,401	(54,586)
Longterm investment income and gains allocated to operations	(69,703)	(66,189)
Proceeds from sale of dialysis unit	—	19,483
Other non-operating health care revenues	—	5
Additional minimum pension liability	(14,781)	—
Change in valuation of annuities	(1,768)	(2,034)
Change in net assets from non-operating activies	(31,851)	(103,321)
Change in net assets before cumulative effect of change in accounting principle	—	(60,217)
Cumulative effect of change in accounting principle	—	21,183
Change in net assets	(11,345)	(39,034)
Beginning net assets	1,900,461	1,939,495
Ending net assets	1,889,116	1,900,461

Statement of Activities 2002-03

Page updated 5/7/2009
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