The 2003–04 financial statements published here indicate that the University of Rochester and its related entities completed the fiscal year in sound financial condition. With an increase of approximately $142 million, the University's net assets exceeded $2 billion at year-end. The continuing outstanding performance of the University's healthcare system and the positive returns on the University's investment portfolio were determining factors in the University's financial results for the year.
While the University achieved positive financial results for the year, it is important to make note of the following evidence of the institution's viability:
The success of the University, including its successful financial performance, is attributable in large measure to the quality of its instructional, research, and service programs. Examples over the past year include:
The University and its related entities continue to focus on financial management and stewardship of resources with added emphasis on risk assessment and compliance activities. At the senior management level, a university-wide compliance group is charged with the responsibility of inventorying and monitoring compliance issues ranging from financial reporting to environmental health and safety. Insuring institutional compliance and effectively managing risks will remain top management priorities into the future and will ultimately contribute to the University's financial strength.
Ronald J. Paprocki
Senior Vice President for Administration and Finance
and Chief Financial Officer