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Annual Report 2017
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  • Financials
    • Financials
    • 5-Year Data Summary
    • CFO Letter
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    • Statement of Activity & Cash Flows
    • Consolidated Balance Sheet
    • Supplemental Financial Information
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  • Financial Highlights→

Financials

Financials

  • 5-Year Data Summary
  • CFO Letter
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information

Financial Highlights

Financial Highlights

  • 5-Year Data Summary
  • CFO Letter
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information
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  • Operating revenues grew 5.1 percent to $800 million, while operating expenses increased 3.8 percent to $731 million.
  • The largest revenue growth drivers were Executive Education (up $15 million) and the annual endowment distribution (up $8 million).
  • The major areas of expense growth were salaries and benefits (up $18 million) and space and occupancy (up $6 million).
  • In year four of The Harvard Business School Campaign, new gifts and pledges increased to $233 million, from $161 million in fiscal 2016.
  • The return on the School’s endowment increased to 8.1 percent, from -2 percent in fiscal 2016.
  • The value of the School’s endowment (net distributions and the addition of new gifts during the year) increased to $3.5 billion, from $3.2 billion a year earlier.
  • Capital investments in campus facilities and new construction decreased to $78 million, from $113 million in fiscal 2016.
  • The School generated an operating surplus of $69 million, compared with $57 million for the prior year.
  • HBS ended fiscal 2017 with an unrestricted reserves balance of $145 million, compared with $103 million a year earlier.
  • The School’s total net assets increased to $4.5 billion, from $4.2 billion at the end of fiscal 2016, primarily reflecting the impact of growth in the market value of the endowment.
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