University of Rochester

2007-08 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
2008 2007 2008 2007
Operating Change in Net Assets $    68,943 $    101,623 $   10,963 $   16,703
Non-Operating Change in Net Assets (128,084) 225,178 13,838 10,819
Effect of Change in Accounting Principle* - (27,266) - (6,786)
Change in Net Assets $   (59,141) $   299,535 $  24,801 $  20,736

bar chart: Change in Net Assets from Operations

Consolidated Statement of Activities
for Years Ended June 30, 2007 and 2006


($ in thousands) 2008 2007
 
Operating revenues:  
Tuition and fees $269,926 $242,121
Less scholarships and fellowships (108,378) (97,948)
     Net tuition and fees 161,548 144,173
State and local appropriations 1,796 1,954
Grants and contracts 366,278 362,156
Gifts and pledges 98,733 75,494
Hospital and faculty practice patient care activities 1,520,558 1,445,795
Auxiliary enterprises 69,155 65,030
Investment income on cash and operating investments 12,192 23,731
Educational activities 24,040 25,749
Royalty income 64,921 61,429
Other sources 14,225 10,223
Long-term investment income and gains allocated to operations 85,195 79,672
     Total operating revenues: 2,418,641 2,295,406
 
Operating expenses:  
Salaries and wages 1,143,813 1,058,157
Fringe benefits 302,858 280,837
     Total compensation 1,446,671 1,338,994
Supplies 296,107 291,986
Business and professional 215,045 191,989
Utilities 55,043 53,668
Maintenance and facilities costs 89,950 81,710
Depreciation expense 127,622 118,810
Interest expense 35,352 29,888
Other 72,945 70,035
     Total operating expenses 2,338,735 2,177,080
Change in net assets from operating activities 79,906 118,326
 
Non-operating activities:  
Long-term investment activities:  
  Investment income 21,664 26,997
  Net appreciation/depreciation (42,738) 292,540
     Total long-term investment activities (21,074) 319,537
Long-term investment income and gains allocated to operations (85,195) (79,672)
Loss on extinguishment of debt - (1,018)
Other changes, net (1,709) (802)
Change in valuation of annuities (6,268) (2,048)
     Change in net assets from non-operating activies (114,246) 235,997
     Change in net assets before cumulative effect of change in accounting principle - 354,323
     Cumulative effect of change in accounting principle - (34,052)
     Change in net assets (34,340) 320,271
 
Beginning net assets 2,733,889 2,413,618
Ending net assets $2,699,549 $2,733,889

Statement of Activities 2007-08

pie chart: Operating Revenues



pie chart: Operating Expenses