Financials

Balance Sheet

Assets

 
IN MILLIONS for the Fiscal Year {FY} ended June 30...
2014 2013 2012

Cash

 44 38 26

unrestricted reserves

 99 83 119

receivables, loans, & other assets

 475 319 222

Invested Funds

Endowment investments

 2,970 2,658 2,485

current fund investments

 96 78 42

interest in trusts held by others

 158 144 138

Facilities, net of accumulated depreciation

 567 511 458
total assets
$ 4,409 m.
$ 3,831 m.
$ 3,490 m.
 

Liabilities

 
IN MILLIONS for the Fiscal Year {FY} ended June 30...
2014 2013 2012

Deposits, Advances, & Other

 60 56 53

Deferred Revenue

 88 85 65

Other Debt Owed to University

 27 23 23

Building Debt

 85 91 99
total liabilities
$ 260 m.
$ 255 m.
240 m.
 

Composition of Net Assets

 
IN MILLIONS for the Fiscal Year {FY} ended June 30...
2014 2013 2012

unrestricted reserves

 99 83 119

undistributed income & other

 16 5 5

pledge balances

 317 179 92

student loan funds

 11 9 10

investment in facilities

 482 420 359

endowment & other invested funds

 3,224 2,880 2,665

total assets net of liabilities
$ 4,149 m.
$ 3,576 m.
$ 3,250 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 2014. Cash flows, however, would be equivalent under GAAP.