• Financial Statements
• Complete Financial Statements (.pdf)

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• Statement of Activities
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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 47.1% or $320.3 million.

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

• Consolidated operating activities resulted in a positive change in net assets of $118.3 million. University operating activities increased net assets by $101.6 million, and the operations of affiliated entities increased net assets by $16.7 million.
• Consolidated non-operating activities increased net assets by $201.9 million. University non-operating activities increased net assets by $197.9 million. Affiliated entities non-operating activities increased net assets by $4.0 million.

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

Page updated 5/7/2009
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