Complete
2006-2007 Financial Statements (.pdf)
Financial Highlights
Statement of Activities
Balance Sheet
Cash Position
Endowment Assets and Similar Funds
Debt and Credit Ratings
Sponsored Research and Gifts
Financial Ratios
2006-07 Financial Statement Highlights
Statement of Activities
“The Bottom Line”
- Net assets for the University as a whole and its affiliates increased by 47.1% or $320.3 million.
Change in Net Assets from Current Year Activities
(Summarizes Statement of Activities)
| ($ in Thousands) | University | Affiliated Entities | ||
| 2007 | 2006 | 2007 | 2006 | |
| Operating Change in Net Assets | $ 101,623 | $ 93,070 | $ 16,703 | $ 7,809 |
| Non-Operating Change in Net Assets | 225,178 | 127,899 | 10,819 | 5,716 |
| Effect of Change in Accounting Principle* | (27,266) | (16,328) | (6,786) | (435) |
| Change in Net Assets | $ 299,535 | $ 204,641 | $ 20,736 | $ 13,090 |
- Consolidated operating activities resulted in a positive change in net assets of $118.3 million. University operating activities increased net assets by $101.6 million, and the operations of affiliated entities increased net assets by $16.7 million.
- Consolidated non-operating activities increased net assets by $201.9 million. University non-operating activities increased net assets by $197.9 million. Affiliated entities non-operating activities increased net assets by $4.0 million.
Consolidated Statement of Activities
for Years Ended June 30, 2007 and 2006
| ($ in thousands) | 2007 | 2006 |
| Operating revenues: | ||
| Tuition and fees | $242,121 | $219,288 |
| Less scholarships and fellowships | (97,948) | (90,313) |
| Net tuition and fees | 144,173 | 128,975 |
| State and local appropriations | 1,954 | 1,812 |
| Grants and contracts | 362,156 | 359,097 |
| Gifts and pledges | 75,494 | 68,967 |
| Hospital and faculty practice patient care activities | 1,445,795 | 1,344,612 |
| Auxiliary enterprises | 65,030 | 60,907 |
| Investment income on cash and operating investments | 23,731 | 13,975 |
| Educational activities | 25,749 | 27,270 |
| Royalty income | 61,429 | 44,278 |
| Other sources | 10,223 | 9,769 |
| Long-term investment income and gains allocated to operations | 79,672 | 80,120 |
| Total operating revenues: | 2,295,406 | 2,139,782 |
| Operating expenses: | ||
| Salaries and wages | 1,058,157 | 993,178 |
| Fringe benefits | 280,837 | 259,091 |
| Total compensation | 1,338,994 | 1,252,269 |
| Supplies | 291,986 | 276,869 |
| Business and professional | 191,989 | 182,538 |
| Utilities | 53,668 | 42,614 |
| Maintenance and facilities costs | 81,710 | 77,045 |
| Depreciation expense | 118,810 | 114,091 |
| Interest expense | 29,888 | 24,732 |
| Other | 70,035 | 68,745 |
| Total operating expenses | 2,177,080 | 2,038,903 |
| Change in net assets from operating activities | 118,326 | 100,879 |
| Non-operating activities: | ||
| Long-term investment activities: | ||
| Investment income | 26,997 | 24,146 |
| Net appreciation/depreciation | 292,540 | 184,570 |
| Total long-term investment activities | 319,537 | 208,716 |
| Long-term investment income and gains allocated to operations | (79,672) | (80,120) |
| Loss on extinguishment of debt | (1,018) | (2,638) |
| Other changes, net | (802) | 8,737 |
| Change in valuation of annuities | (2,048) | (1,080) |
| Change in net assets from non-operating activies | 235,997 | 133,615 |
| Change in net assets before cumulative effect of change in accounting principle | 354,323 | 234,494 |
| Cumulative effect of change in accounting principle | (34,052) | (16,763) |
| Change in net assets | 320,271 | 217,731 |
| Beginning net assets | 2,413,618 | 2,195,887 |
| Ending net assets | $2,733,889 | $2,413,618 |
Statement of Activities 2006-07
