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2013-14 Financial Statement Highlights

Balance Sheet Highlights

  • Total net assets increased $382.8 million to $3.4 billion.
  • Investments Held for Long-Term Purposes increased $382.0 million to $2.3 billion. The total market value of the endowment at year end was $2.0 billion, reflecting a return of 18.7% and endowment use.
  • Property, Plant and Equipment increased $84.9 million to $1.8 billion.
  • Unrestricted net assets increased by $212.1 million.
  • Long-term debt increased from $910.7 million to $1.13 billion due primarily to the University‚Äôs series 2013 bond issue, $264.5 million of tax-exempt and taxable bonds.

Total Net Assets

bar chart: Total Net Assets

Consolidated Balance Sheets as of June 30, 2014 and 2013

($ in thousands)20142013
Cash and cash equivalents$  467,619$  486,821
Operating investments, at market 308,741 176,422
Accounts receivable, net 333,036 299,683
Inventories, prepaid expenses and deferred charges64,216 58,993
Contributions receivable, net92,49891,557
Notes receivable, net48,73048,525
Other assets16,20714,355
Investments held for long-term purposes2,315,8471,933,879
Property, plant and equipment, net1,814,6411,729,770
Interest in net assets of foundation17,74914,647
Investments in perpetual trusts held by others57,52651,260
Total Assets$5,536,810$4,905,932
Liabilities and Net Assets
   Accounts payable and accrued expenses$  399,286  408,232
   Advance receipt of sponsored research revenues24,927 19,440
   Deferred revenue62,13662,623
   Third-party settlements payable, net122,623 116,623
   Accrued pension, post-retirement, post-employment obligations402,166375,907
   Long-term debt1,126,265910,684
   Asset retirement obligation27,24122,876
   Refundable U.S. Government grants for student loans16,18716,386
Total Liabilities2,180,8311,932,771
Net assets:  
   Temporarily restricted703,531584,307
   Permanently restricted463,790412,280
Total Net Assets3,355,9792,973,161
   Total Liabilities and Net Assets$  5,536,810$  4,905,932

Page updated 08/07/2015
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