Financial Highlights
Statement of Activities
Balance Sheet
Cash Position
Endowment Assets and Similar Funds
Debt and Credit Ratings
Sponsored Research and Gifts
Strong Memorial Hospital
Related performance data
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Financial Statement Highlights

Statement of Activities

“The Bottom Line”

Net assets for the University as a whole and its affiliates increased by 7.5% or $141.9 million.

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

($ in Thousands)	University		Affiliated Entities
($ in Thousands)	2004	2003	2004	2003
Operating Change in Net Assets	$31,396	$20,448	$2,900	$58
Non-Operating Change in Net Assets	101,174	(18,304)	6,431	(13,547)
Change in Net Assets	$132,570	$2,144	$9,331	$(13,489)

Consolidated operating activities resulted in a positive change in net assets of $34.3 million. University operating activities increased net assets by $31.4 million, and the operations of affiliated entities increased net assets by $2.9 million.
University non-operating activities increased net assets by $101.2 million. Affiliated entities non-operating activities increased net assets by $6.4 million.

bar chart: Change in Net Assets from Operations

Consolidated Statement of Activities
for Years Ended June 30, 2004 and 2003

($ in thousands)	2004	2003

Operating revenues:
Tuition and fees	$198,901	$190,037
Less scholarships and fellowships	(81,422)	(76,491)
Net tuition and fees	117,479	113,546
State and local appropriations	1,942	1,937
Gifts and pledges	49,721	44,889
Grants and contracts	310,460	278,005
Hospital and faculty practice patient care activities	1,149,961	1,040,185
Auxiliary enterprises	38,090	38,777
Investment income on cash equivalents	4,949	3,989
Educational activities	26,880	24,581
Royalty income	31,846	31,364
Other sources	3,790	4,521
Longterm investment income and gains allocated to operations	73,798	71,176
Total operating revenues:	1,808,916	1,652,970

Operating expenses:
Salaries and wages	867,555	808,318
Fringe benefits	221,046	204,977
Total compensation	1,088,601	1,013,295
Supplies	228,558	205,003
Business and professional	145,632	109,057
Utilities	20,133	24,966
Maintenance and facilities costs	51,127	42,827
Depreciation expense	109,437	107,697
Interest expense	23,811	24,455
Other	107,321	105,619
Total operating expenses	1,774,620	1,632,919
Change in net assets from operating activities	34,296	20,051

Non-operating activities:
Longterm investment activities:
Investment income	21,584	25,257
Net appreciation/depreciation	158,484	31,072
Total longterm investment activities	180,068	56,329
Longterm investment income and gains allocated to operations	(73,798)	(71,176)
Loss on extinguishment of debt	(4,746)	—
Other changes, net	7,418	(14,781)
Change in valuation of annuities	(1,337)	(1,768)
Change in net assets from non-operating activies	107,605	(31,396)

Change in net assets	141,901	(11,345)

Beginning net assets	1,889,116	1,900,461
Ending net assets	2,031,017	1,889,116

Statement of Activities 2003-04

University of Rochester

Financial Statement Highlights

Statement of Activities

“The Bottom Line”

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

Consolidated Statement of Activitiesfor Years Ended June 30, 2004 and 2003

Statement of Activities 2003-04

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

Consolidated Statement of Activities
for Years Ended June 30, 2004 and 2003