• Financial Statements

• Financial Highlights
• Statement of Activities
• Balance Sheet
• Cash Position
• Endowment Assets and Similar Funds
• Debt and Credit Ratings
• Sponsored Research and Gifts

2007-08 Financial Statement Highlights

Statement of Activities

“The Bottom Line”

• Net assets for the University as a whole and its affiliates decreased by 1.3% or $34.3 million.

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

($ in Thousands)	University		Affiliated Entities
	2008	2007	2008	2007
Operating Change in Net Assets	$    68,943	$    101,623	$   10,963	$   16,703
Non-Operating Change in Net Assets	(128,084)	225,178	13,838	10,819
Effect of Change in Accounting Principle*	-	(27,266)	-	(6,786)
Change in Net Assets	$   (59,141)	$   299,535	$  24,801	$  20,736

• Consolidated operating activities resulted in a positive change in net assets of $79.9 million. University operating activities increased net assets by $68.9 million, and the operations of affiliated entities increased net assets by $11.0 million.
• University non-operating activities decreased net assets by $128.1 million. Affiliated entities non-operating activities increased net assets by $13.8 million. The consolidated decrease to net assets from non-operating activities is $114.2 million.

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

($ in thousands)	2008	2007
Operating revenues:
Tuition and fees	$269,926	$242,121
Less scholarships and fellowships	(108,378)	(97,948)
Net tuition and fees	161,548	144,173
State and local appropriations	1,796	1,954
Grants and contracts	366,278	362,156
Gifts and pledges	98,733	75,494
Hospital and faculty practice patient care activities	1,520,558	1,445,795
Auxiliary enterprises	69,155	65,030
Investment income on cash and operating investments	12,192	23,731
Educational activities	24,040	25,749
Royalty income	64,921	61,429
Other sources	14,225	10,223
Long-term investment income and gains allocated to operations	85,195	79,672
Total operating revenues:	2,418,641	2,295,406
Operating expenses:
Salaries and wages	1,143,813	1,058,157
Fringe benefits	302,858	280,837
Total compensation	1,446,671	1,338,994
Supplies	296,107	291,986
Business and professional	215,045	191,989
Utilities	55,043	53,668
Maintenance and facilities costs	89,950	81,710
Depreciation expense	127,622	118,810
Interest expense	35,352	29,888
Other	72,945	70,035
Total operating expenses	2,338,735	2,177,080
Change in net assets from operating activities	79,906	118,326
Non-operating activities:
Long-term investment activities:
Investment income	21,664	26,997
Net appreciation/depreciation	(42,738)	292,540
Total long-term investment activities	(21,074)	319,537
Long-term investment income and gains allocated to operations	(85,195)	(79,672)
Loss on extinguishment of debt	-	(1,018)
Other changes, net	(1,709)	(802)
Change in valuation of annuities	(6,268)	(2,048)
Change in net assets from non-operating activies	(114,246)	235,997
Change in net assets before cumulative effect of change in accounting principle	-	354,323
Cumulative effect of change in accounting principle	-	(34,052)
Change in net assets	(34,340)	320,271
Beginning net assets	2,733,889	2,413,618
Ending net assets	$2,699,549	$2,733,889

Statement of Activities 2007-08

Page updated 5/5/2009
Maintained by the University Controller's Office. Problems with this site? Please contact our webmaster.