Financial Statement Highlights
Statement of Activities
“The Bottom Line”
- Net assets for the University as a whole and its affiliates increased by 9.9% or $218 million.
Change in Net Assets from Current Year Activities
(Summarizes Statement of Activities)
| ($ 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 |
- Consolidated operating activities resulted in a positive change in net assets of $100.9 million. University operating activities increased net assets by $93.1 million, and the operations of affiliated entities increased net assets by $7.8 million.
- University non-operating activities increased net assets by $127.9 million. Affiliated entities non-operating activities increased net assets by $5.7 million.
* The cumulative effect of asset retirement obligations recognized upon the adoption of Financial Accounting Standards Board (FASB) Interpretation No. 47 (FIN47).
Consolidated Statement of Activities
for Years Ended June 30, 2006 and 2005
| ($ 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
Page updated 5/7/2009
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