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2012-13 Financial Statement Highlights

Statement of Activities Highlights

“The Bottom Line”

  • Net assets for the University as a whole and its affiliates increased by 12.2% or $323.5 million.

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

($ in Thousands) University Affiliated Entities
2013 2012 2013 2012
Operating Change in Net Assets $    94,870 $    90,721 $   11,884 $   16,671
Non-Operating Change in Net Assets 138,685 (107,188) 29,776 (34,568)
Change in Net Assets $   233,555 $   (16,467) $ 41,660 $  (17,897)

  • Consolidated operating activities resulted in a positive change in net assets of $106.8 million. University operating activities increased net assets by $94.9 million, and the operations of affiliated entities increased net assets by $11.9 million.
  • University non-operating activities increased net assets by $138.7 million. Affiliated entities non-operating activities increased net assets by $29.8 million. The consolidated increase to net assets from non-operating activities is $168.5 million.

Change in Net Assets from Operations

change in net assets

Consolidated Statements of Activities for Years Ended June 30, 2013 and 2012

($ in thousands)20132012
Operating revenues: 
Tuition and fees$ 387,638$  360,695
Less scholarships and fellowships(162,473)(151,430)
Net tuition and fees225,165209,265
State and local appropriations1,6321,851
Grants and contracts400,772396,145
Gifts and pledges77,940111,805
Hospital and faculty practice patient care activities2,075,5531,860,382
Auxiliary enterprises91,02888,728
Interest income apprec/(deprec) of operating investments10,8785,537
Educational activities29,57028,540
Royalty income24,29934,431
Other sources16,95714,252
Long-term investment income and gains allocated to operations86,76688,390
Total operating revenues3,040,5602,839,326
Operating expenses: 
Salaries and wages1,475,0211,369,458
Fringe benefits420,403400,322
Total compensation1,895,4241,769,780
Business and professional192,725190,815
Maintenance and facilities costs130,624114,210
Total operating expenses2,933,8062,731,929
Change in net assets from operating activities106,754107,397
Non-operating activities: 
Long-term investment activities: 
Investment income18,18512,492
Net appreciation (depreciation)188,777(8,394)
Total long-term investment activities206,9624,098
Long-term investment income and gains allocated for operations(86,766)(88,390)
Loss on extinguishment of debt(335)(636)
Other changes, net51,960(55,043)
Change in valuation of annuities(3,360)(1,619)
Change in net assets from non-operating activities168,461(141,590)
       Change in net assets before cumulative effect of acquisition275,215(34,193)
Cumulative effect of acquisition48,279-
       Change in net assets323,494(34,193)
Beginning net assets2,649,6672,683,860
Ending net assets$  2,973,161$  2,615474

Statement of Activities 2012-13

Operating Revenue pie chart

Operating Expense pie chart

Page updated 03/13/2014
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