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
2007 2006 2007 2006
Operating Change in Net Assets $    101,623 $    93,070 $   16,703 $   7,809
Non-Operating Change in Net Assets 225,178 127,899 10,819 5,716
Effect of Change in Accounting Principle* (27,266) (16,328) (6,786) (435)
Change in Net Assets $   299,535 $   204,641 $  20,736 $  13,090

bar chart: Change in Net Assets from Operations

Consolidated Statement of Activities
for Years Ended June 30, 2007 and 2006


($ in thousands) 2007 2006
 
Operating revenues:  
Tuition and fees $242,121 $219,288
Less scholarships and fellowships (97,948) (90,313)
     Net tuition and fees 144,173 128,975
State and local appropriations 1,954 1,812
Grants and contracts 362,156 359,097
Gifts and pledges 75,494 68,967
Hospital and faculty practice patient care activities 1,445,795 1,344,612
Auxiliary enterprises 65,030 60,907
Investment income on cash and operating investments 23,731 13,975
Educational activities 25,749 27,270
Royalty income 61,429 44,278
Other sources 10,223 9,769
Long-term investment income and gains allocated to operations 79,672 80,120
     Total operating revenues: 2,295,406 2,139,782
 
Operating expenses:  
Salaries and wages 1,058,157 993,178
Fringe benefits 280,837 259,091
     Total compensation 1,338,994 1,252,269
Supplies 291,986 276,869
Business and professional 191,989 182,538
Utilities 53,668 42,614
Maintenance and facilities costs 81,710 77,045
Depreciation expense 118,810 114,091
Interest expense 29,888 24,732
Other 70,035 68,745
     Total operating expenses 2,177,080 2,038,903
Change in net assets from operating activities 118,326 100,879
 
Non-operating activities:  
Long-term investment activities:  
  Investment income 26,997 24,146
  Net appreciation/depreciation 292,540 184,570
     Total long-term investment activities 319,537 208,716
Long-term investment income and gains allocated to operations (79,672) (80,120)
Loss on extinguishment of debt (1,018) (2,638)
Other changes, net (802) 8,737
Change in valuation of annuities (2,048) (1,080)
     Change in net assets from non-operating activies 235,997 133,615
     Change in net assets before cumulative effect of change in accounting principle 354,323 234,494
     Cumulative effect of change in accounting principle (34,052) (16,763)
     Change in net assets 320,271 217,731
 
Beginning net assets 2,413,618 2,195,887
Ending net assets $2,733,889 $2,413,618

Statement of Activities 2006-07

pie chart: Operating Revenues



pie chart: Operating Expenses