2009-10 Financial Statement Highlights
Statement of Activities Highlights
“The Bottom Line”
- Net assets for the University as a whole and its affiliates increased by 7.7% or $170.5 million.
Change in Net Assets from Current Year Activities
(Summarizes Statements of Activities)
| ($ in Thousands) | University | Affiliated Entities | ||
| 2010 | 2009 | 2010 | 2009 | |
| Operating Change in Net Assets | $ 95,043 | $ 25,647 | $ 12,921 | $ 4,147 |
| Non-Operating Change in Net Assets | 49,935 | (477,501) | 12,630 | (40,604) |
| Change in Net Assets | $ 144,978 | $( 451,854) | $ 25,551 | $( 36,457) |
- Consolidated operating activities resulted in a positive change in net assets of $108.0 million. University operating activities increased net assets by $95.0 million, and the operations of affiliated entities increased net assets by $13.0 million.
- University non-operating activities increased net assets by $49.9 million. Affiliated entities non-operating activities increased net assets by $12.6 million. The consolidated increase to net assets from non-operating activities is $62.6 million.
Change in Net Assets from Operations
Consolidated Statements of Activities for Years Ended June 30, 2010 and 2009
| ($ in thousands) | 2010 | 2009 |
| Operating revenues: | ||
| Tuition and fees | $ 321,252 | $ 300,480 |
| Less scholarships and fellowships | (132,222) | (120,416) |
| Net tuition and fees | 189,030 | 180,064 |
| State and local appropriations | 1,737 | 1,843 |
| Grants and contracts | 419,643 | 385,136 |
| Gifts and pledges | 47,962 | 65,221 |
| Hospital and faculty practice patient care activities | 1,708,304 | 1,599,123 |
| Auxiliary enterprises | 77,248 | 73,730 |
| Interest income apprec/(deprec) of operating investments | 13,361 | (7,784) |
| Educational activities | 29,571 | 29,023 |
| Royalty income | 38,978 | 42,975 |
| Other sources | 13,904 | 15,686 |
| Long-term investment income and gains allocated to operations | 86,349 | 93,151 |
| Total operating revenues | 2,626,087 | 2,478,168 |
| Operating expenses: | ||
| Salaries and wages | 1,244,373 | 1,209,480 |
| Fringe benefits | 353,387 | 320,057 |
| Total compensation | 1,597,760 | 1,529,537 |
| Supplies | 336,317 | 316,611 |
| Business and professional1 | 93,573 | 210,532 |
| Utilities | 52,075 | 55,060 |
| Maintenance and facilities costs | 105,186 | 98,313 |
| Depreciation | 141,957 | 136,648 |
| Interest | 28,053 | 31,114 |
| Other | 63,202 | 70,559 |
| Total operating expenses | 2,518,123 | 2,448,374 |
| Change in net assets from operating activities | 107,964 | 29,794 |
| Non-operating activities: | ||
| Long-term investment activities: | ||
| Investment income | 12,478 | 16,345 |
| Net depreciation | 142,663 | (396,492) |
| Total long-term investment activities | 155,141 | (380,147) |
| Long-term investment income and gains allocated for operations | (86,349) | (93,151) |
| Loss on extinguishment of debt | (2,014) | (6,714) |
| Other changes, net | (1,547) | (38,785) |
| Change in valuation of annuities | (2,666) | 692 |
| Change in net assets from non-operating activities | 62,565 | (518,105) |
| Change in net assets | 170,529 | (488,311) |
| Beginning net assets | 2,211,238 | 2,699,549 |
| Ending net assets | 2,381,767$ | 2,211,238$ |
Statement of Activities 2009-10
Page updated 11/8/2010
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