University of Rochester

Financial Statement Highlights

Statement of Activities


“The Bottom Line”

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

($ in Thousands) University Affiliated Entities
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)

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

pie chart: Operating Revenues pie chart: Operating Expenses