Financials

Statement of Activity & Cash Flows

Revenues

IN MILLIONS for the Fiscal Year ended June 30...
2016 2015 2014
MBA Tuition & Fees $ 127 $ 120 $ 113
Executive Education Tuition 176 168 163
Publishing 217 203 194
Endowment Distribution 138 127 123
Unrestricted, Current Use Gifts 40 36 28
Restricted, Current Use Gifts 32 27 37
HBX 10 5 –
Housing, Rents, Interest Income, & Other 21 21 18
total revenues
$ 761 m.
$ 707 m.
$ 676 m.

Expenses

IN MILLIONS for the Fiscal Year ended June 30...
2016 2015 2014
Salaries & Benefits $ 309 $ 294 $ 276
Publishing & Printing 70 65 66
Space & Occupancy 62 68 66
Supplies & Equipment 14 7 4
Professional Services 65 52 57
Fellowships 47 44 43
University Assessments 22 20 19
Debt Service 4 5 5
Depreciation 38 34 33
Other Expenses 73 71 76
total expenses
$ 704 m.
$ 660 m.
$ 645 m.
  2016 2015 2014
Cash from Operations $ 57 $ 47 $ 31
Depreciation 38 34 33
Non-Cash Items – – 9
cash for capital activities
$ 95
$ 81
$ 73
  2016 2015 2014
Capital Expenses $(113) $ (81) $ (92)
Change in Capital Project Pre-Funding (12) (9) 16
Use of Gifts for Capital Projects 20 38 17
net capital expenses
$ (105)
$ (52)
$ (59)
  2016 2015 2014
New Borrowings $ 0 $ 0 $ 0
Debt Principal Payments (7) (7) (6)
Capitalization of Endowment Income (3) (3) (5)
Decapitalization of Endowments 5 5 21
Other Non-Reserve Activity (7) 2 (8)
changes in debt & other
$ (12)
$ (3)
$ 2
 
  2016 2015 2014
Increase (Decrease) in Reserves
$ (22)
$ 26
$ 16
Beginning Reserves Balance
$ 125
$ 99
$ 83
Ending Reserves Balance
$ 103
$ 125
$ 99
 

* In pursuit of greater comparability across the Harvard schools, the University has asked all the schools to report their net results in accordance with generally accepted accounting principles (GAAP) in the United States. In addition to results for fiscal 2016, the School’s results for fiscal years 2014 and 2015 are presented in accordance with GAAP within the Statement of Activity and Cash Flows.