Statement of Activity & Cash Flows - Annual Report 2014 - Harvard Business School

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Revenues

IN MILLIONS for the Fiscal Year {FY} ended June 30...	2014	2013	2012
MBA Tuition & Fees	$ 113	$ 107	$ 99
Executive Education Tuition	163	146	142
Publishing	194	180	165
Endowment Distribution	120	117	109
Unrestricted Current Use Gifts	28	22	19
Housing, Rents, & Other	15	14	11
Interest Income	–	1	1
total revenues	$ 633 m.	$ 587 m.	$ 546 m.

Expenses

IN MILLIONS for the Fiscal Year {FY} ended June 30...	2014	2013	2012
Salaries & Benefits	$ 276	$ 255	$ 241
Publishing & Printing	71	67	59
Space & Occupancy	51	48	47
Supplies & Equipment	11	9	10
Professional Services	57	40	35
Fellowships	43	40	37
University Assessments	19	18	17
Debt Service	5	6	6
Other Expenses	64	59	52
total expenses	$ 597 m.	$ 542 m.	$ 504 m.

	2014	2013	2012
Cash from Operations	$ 36	$ 45	$ 42
Restricted Current Use Gifts & Endowment Appreciation	56	22	24
cash before capital activities	$ 92	$ 67	$ 66

	2014	2013	2012
Capital Expenses	$ (98)	$ (78)	$ (51)
Change in Capital Project Funding	17	(26)	1
Use of Gifts for Capital Projects	17	11	17
net capital expenses	$ (64)	$ (93)	$ (33)

	2014	2013	2012
New Borrowings	$ 0	$ 0	$ 0
Debt Principal Payments	(6)	(8)	(4)
Other Activity	(6)	(2)	11
net debt & other	$ (12)	$ (10)	$ 7

	2014	2013	2012
Change in Unrestricted Reserves	$ (16)	$ (36)	$ 40
Beginning Balance, Unrestricted Reserves	$ 83	$ 119	$ 79
Ending Balance, Unrestricted Reserves	$ 99	$ 83	$ 119