Assets

IN MILLIONS for the Fiscal Year {FY} ended June 30... 2012 2011 2010

Cash

26 18 10

unrestricted reserves

119 79 99

receivables, loans & other assets

222 214 235

Invested Funds

     

Endowment investments

2,485 2,569 2,154

current fund investments

42 66 35

interest in trusts held by others

138 144 122

Facilities, net of accumulated depreciation

458 438 432
total assets
$ 3,490 m.
$ 3,528 m.
$ 3,087 m.

Liabilities

IN MILLIONS for the Fiscal Year {FY} ended June 30... 2012 2011 2010

Deposits, Advances, & Other

53 44 45

Deferred Revenue

65 62 59

Other Debt Owed to University

23 28 26

Building Debt

99 103 112
total liabilities
$ 240 m.
$ 237 m.
$ 242 m.

Composition of Net Assets

IN MILLIONS for the Fiscal Year {FY} ended June 30... 2012 2011 2010

unrestricted reserves

119 79 99

undistributed income & other

5 8 8

pledge balances

92 80 97

student loan funds

10 10 10

investment in facilities

359 335 320

endowment & other invested funds

2,665 2,779 2,311
total assets net of liabilities
$ 3,250 m.
$ 3,291 m.
$ 2,845 m.

* The Statement of Activity & Cash Flows presents a managerial view of Harvard Business School operations focused primarily on cash available for use. It is not intended to present the financial results in accordance with generally accepted accounting principles (GAAP). A presentation in accordance with GAAP would report higher operating revenues for gifts and endowment distribution and would include depreciation expense, yielding income from operations of $30 million in fiscal 2012. Cash flows, however, would be equivalent under GAAP.