Assets

IN MILLIONS for the Fiscal Year {FY} ended June 30... 2013 2012 2011

Cash

38 26 18

unrestricted reserves

83 119 79

receivables, loans & other assets

319 222 214

Invested Funds

     

Endowment investments

2,658 2,485 2,569

current fund investments

78 42 66

interest in trusts held by others

144 138 144

Facilities, net of accumulated depreciation

511 458 438
total assets
$ 3,831 m.
$ 3,490 m.
$ 3,528 m.

Liabilities

IN MILLIONS for the Fiscal Year {FY} ended June 30... 2013 2012 2011

Deposits, Advances, & Other

56 53 44

Deferred Revenue

85 65 62

Other Debt Owed to University

23 23 28

Building Debt

91 99 103
total liabilities
$ 255 m.
240 m
$ 237 m.

Composition of Net Assets

IN MILLIONS for the Fiscal Year {FY} ended June 30... 2013 2012 2011

unrestricted reserves

83 119 79

undistributed income & other

5 5 8

pledge balances

179 92 80

student loan funds

9 10 10

investment in facilities

420 359 335

endowment & other invested funds

2,880 2,665 2,779
total assets net of liabilities
$ 3,576 m.
$ 3,250 m.
$ 3,291 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 $41 million in fiscal 2013. Cash flows, however, would be equivalent under GAAP.