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2013-14 Financial Statement Highlights


Statement of Activities Highlights

“The Bottom Line”

  • Net assets for the University as a whole and its affiliates increased by $382.8 million.

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

($ in Thousands) University Affiliated Entities
2014 2013 2014 2013
Change from Operating Activities
$116,406
$94,870
$17,225
$11,884
Change from Non-Operating Activities
246,821
138,685
(4,065)
29,776
Change from Cumulative Effect of Acquisition
-
2,685
6,431
45,594
Change in Net Assets
363,227
236,240
19,591
87,254


  • Consolidated operating activities resulted in a positive change in net assets of $133.6 million. University operating activities increased net assets by $116.4 million, and the operations of affiliated entities increased net assets by $17.2 million.
  • Consolidated non-operating activities resulted in a positive change in net assets of $242.8 million.  University non-operating activities increased net assets by $246.8 million, and the non-operating activities of affiliated entities decreased net assets by $4.1 million.
  • Cumulative effect of the acquisition of Finger Lakes Home Care during 2014 (FF Thompson during 2013) increased net assets by $6.4 million.

Change in Net Assets from Operations

bar graph

Consolidated Statement of Activities as of June 30, 2014 and 2013

($ in thousands)
2014
2013
Operating revenues:
Tuition and fees
$  421,397
$  389,344
Less scholarships and fellowships
(177,904)
(162,473)
Net tuition and fees
243,493
226,871
State and local appropriations
Grants and contracts
347,768
400,772
Gifts and pledges
106,652
81,408
Hospital and faculty practice patient care activities
2,249,400
2,078,284
Auxiliary enterprises
96,828
91,028
Interest income apprec/(deprec) of operating investments
15,539
10,878
Educational activities
22,365
23,943
Royalty income
26,025
24,299
Other sources
20,954
16,311
Long-term investment income and gains allocated to operations
85,729
86,766
  Total operating revenues
3,214,753
3,040,560
Operating expenses:
Salaries and wages
1,545,092
1,475,021
Fringe benefits
444,600
420,403
  Total compensation
1,989,692
1,895,424
Supplies
411,931
374,058
Business and professional
188,276
192,725
Utilities
55,865
53,192
Maintenance and facilities costs
135,096
130,624
Depreciation 
187,797
184,320
Interest 
37,815
33,441
Other
74,650
70,022
   Total operating expenses
3,081,122
2,933,806
Change in net assets from operating activities
133,631
 106,754
Non-operating activities:
Long-term investment activities:
   Investment income
21,725
18,185
Net appreciation (depreciation)
316,601
188,777
Total long-term investment activities
338,326
206,962
Long-term investment income and gains allocated for operations
(85,729)
(86,766)
Loss on extinguishment of debt
(2,167)
(335)
Other changes, net
(3,567)
51,960
Change in valuation of annuities
(4,107)
(3,360)
 
242,756
168,461
  Change in net assets before cumulative effect of acquisition
376,387
275,215
6,431
48,279
  Change in net assets
382,818
323,494
Beginning net assets
2,973,161
2,649,667
Ending net assets
 $   3,355,979 
 $   2,973,161 


Statement of Activities 2013-14

Operating Revenue pie chart

Operating Expense pie chart


Page updated 08/07/2015
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