University of Rochester

Financial Statement Highlights

Statement of Activities


“The Bottom Line”

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

($ in Thousands) University Affiliated Entities
2003 2002 2003 2002
Operating Change in Net Assets $20,448 $44,543 $58 $(1,439)
Non-Operating Change in Net Assets (18,304) (109,904) (13,547) 6,583
Change in net assets before cumulative effect of change in accounting principle (65,361) 5,144
Cumulative effect of change in accounting principle 21,183
Change in Net Assets $2,144 $(44,178) $(13,489 $5,144

bar chart: Change in Net Assets from Operations

Consolidated Statement of Activities
for Years Ended June 30, 2003 and 2002

($ in thousands) 2003 2002
     
Operating revenues:    
Tuition and fees $190,037 $180,184
Less scholarships and fellowships (76,491) (73,872)
     Net tuition and fees 113,546 106,357
State and local appropriations 1,937 1,830
Gifts and pledges 44,579 52,473
Grants and contracts 278,005 262,657
Hospital and faculty practice patient care activities 1,040,185 972,499
Auxiliary enterprises 40,777 37,648
Investment income on cash equivalents 5,525 5,342
Educational activities 24, 581 24, 015
Royalty income 31,364 37,691
Other sources 3,161 3,225
Longterm investment income and gains allocated to operations 69,703 66,189
     Total operating revenues: 1,653,363 1,569,926
Operating expenses:    
Salaries and wages 808,269 770,042
Fringe benefits 212,000 188,130
     Total compensation 1,020,269 958,172
Supplies 204,993 197,210
Business and professional 108,840 108,145
Utilities 24,966 22,967
Maintenance and facilities costs 42,827 35,368
Depreciation expense 107,697 107,754
Interest expense 24,455 26183
Other 98,810 71,023
     Total operating expenses 1,632,857 1,526,822
Change in net assets from operating activities 20,506 43,104
Non-operating activities:    
Longterm investment activities:    
  Investment income 24,109 24,773
  Net appreciation/depreciation 30,292 (79,359)
     Total longterm investment activities 54,401 (54,586)
Longterm investment income and gains allocated to operations (69,703) (66,189)
Proceeds from sale of dialysis unit 19,483
Other non-operating health care revenues 5
Additional minimum pension liability (14,781)
Change in valuation of annuities (1,768) (2,034)
     Change in net assets from non-operating activies (31,851) (103,321)
     Change in net assets before cumulative effect of change in accounting principle (60,217)
Cumulative effect of change in accounting principle 21,183
     Change in net assets (11,345) (39,034)
Beginning net assets 1,900,461 1,939,495
Ending net assets 1,889,116 1,900,461

Statement of Activities 2002-03

pie chart: Operating Revenues pie chart: Operating Expenses