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
2006 2005 2006 2005
Operating Change in Net Assets $    93,070 $    70,208 $   7,809 $   11,660
Non-Operating Change in Net Assets 127,899 79,734 5,716 3,268
Effect of Change in Accounting Principle* (16,328) (435)
Change in Net Assets $   204,641 $   149,942 $  13,090 $  14,928

* The cumulative effect of asset retirement obligations recognized upon the adoption of Financial Accounting Standards Board (FASB) Interpretation No. 47 (FIN47).

bar chart: Change in Net Assets from Operations

Consolidated Statement of Activities
for Years Ended June 30, 2006 and 2005


($ in thousands) 2006 2005
 
Operating revenues:  
Tuition and fees $219,288 $203,738
Less scholarships and fellowships (87,433) (83,563)
     Net tuition and fees 131,855 120,175
State and local appropriations 1,812 1,800
Grants and contracts 359,097 365,017
Gifts and pledges 68,967 51,027
Hospital and faculty practice patient care activities 1,344,612 1,232,087
Auxiliary enterprises 60,907 56,787
Investment income on cash and operating investments 13,975 6,662
Educational activities 27,270 24,887
Royalty income 44,278 37,643
Other sources 9,769 6,695
Long-term investment income and gains allocated to operations 80,120 74,312
     Total operating revenues: 2,142,662 1,977,092
 
Operating expenses:  
Salaries and wages 992,517 916,861
Fringe benefits 250,901 238,023
     Total compensation 1,243,418 1,154,884
Supplies 276,869 255,538
Business and professional 182,538 163,865
Utilities 42,614 32,547
Maintenance and facilities costs 77,045 75,325
Depreciation expense 113,592 119,976
Interest expense 24,732 22,609
Other 80,975 70,480
     Total operating expenses 2,041,783 1,895,224
Change in net assets from operating activities 100,879 81,868
 
Non-operating activities:  
Long-term investment activities:  
  Investment income 24,146 26,018
  Net appreciation/depreciation 184,570 132,565
     Total long-term investment activities 208,716 158,583
Long-term investment income and gains allocated to operations (80,120) (74,312)
Loss on extinguishment of debt (2,638) (1,264)
Other changes, net 8,737 (1,601)
Change in valuation of annuities (1,080) 1,596
     Change in net assets from non-operating activies 133,615 83,002
     Change in net assets before cumulative effect of change in accounting principle 234,494 164,870
     Cumulative effect of change in accounting principle (16,763)
     Change in net assets 217,731 164,870
 
Beginning net assets 2,195,887 2,031,017
Ending net assets $2,413,618 $2,195,887

Statement of Activities 2005-06

pie chart: Operating Revenues



pie chart: Operating Expenses