2008-09 Financial Statement Highlights
Statement of Activities
“The Bottom Line”
- Net assets for the University as a whole and its affiliates decreased by 18.1% or $488.3 million.
Change in Net Assets from Current Year Activities
(Summarizes Statement of Activities)
| ($ in Thousands) | University | Affiliated Entities | ||
| 2009 | 2008 | 2009 | 2008 | |
| Operating Change in Net Assets | $ 25,647 | $ 68,943 | $ 4,147 | $ 10,963 |
| Non-Operating Change in Net Assets | (477,501) | (128,084) | (40,604) | 13,838 |
| Change in Net Assets | $ (451,854) | ($ 59,141) | $ (36,457) | $ 24,801 |
- Consolidated operating activities resulted in a positive change in net assets of $29.8 million. University operating activities increased net assets by $25.6 million, and the operations of affiliated entities increased net assets by $4.2 million.
- University non-operating activities decreased net assets by $477.5 million. Affiliated entities nonoperating activities decreased net assets by $40.6 million. The consolidated decrease to net assets from nonoperating activities is $518.1 million.
Consolidated Statement of Activities
for Years Ended June 30, 2009 and 2008
| ($ in thousands) | 2009 | 2008 |
| Operating revenues: | ||
| Tuition and fees | $ 300,480 | $269,926 |
| Less scholarships and fellowships | (120,416) | (108,378) |
| Net tuition and fees | 180,064 | 161,548 |
| State and local appropriations | 1,843 | 1,796 |
| Grants and contracts | 385,136 | 366,278 |
| Gifts and pledges | 65,221 | 98,733 |
| Hospital and faculty practice patient care activities | 1,599,123 | 1,520,558 |
| Auxiliary enterprises | 73,730 | 69,155 |
| Investment income on cash and operating investments | (7,784) | 12,192 |
| Educational activities | 29,023 | 24,040 |
| Royalty income | 42,975 | 64,921 |
| Other sources | 15,686 | 14,225 |
| Long-term investment income and gains allocated to operations | 93,151 | 85,195 |
| Total operating revenues: | 2,478,168 | 2,418,641 |
| Operating expenses: | ||
| Salaries and wages | 1,209,480 | 1,143,813 |
| Fringe benefits | 320,057 | 302,858 |
| Total compensation | 1,529,537 | 1,446,671 |
| Supplies | 316,611 | 296,107 |
| Business and professional | 210,532 | 215,045 |
| Utilities | 55,060 | 55,043 |
| Maintenance and facilities costs | 98,313 | 89,950 |
| Depreciation expense | 136,648 | 127,622 |
| Interest expense | 31,114 | 35,352 |
| Other | 70,559 | 72,945 |
| Total operating expenses | 2,448,374 | 2,338,735 |
| Change in net assets from operating activities | 29,794 | 79,906 |
| Non-operating activities: | ||
| Long-term investment activities: | ||
| Investment income | 16,345 | 21,664 |
| Net appreciation/depreciation | (396,492) | (42,738) |
| Total long-term investment activities | (380,147) | (21,074) |
| Long-term investment income and gains allocated to operations | (93,151) | (85,195) |
| Loss on extinguishment of debt | (6,714) | - |
| Other changes, net | (38,785) | (1,709) |
| Change in valuation of annuities | 692 | (6,268) |
| Change in net assets from non-operating activies | (518,105) | (114,246) |
| Change in net assets | (488,311) | (34,340) |
| Beginning net assets | 2,733,889 | |
| Ending net assets | $2,211,238 | $2,733,889 |
Statement of Activities 2008-09
Page updated 10/9/2009
Maintained by University Communications. Problems with this site? Please contact our webmaster.
