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

Financials

Financials

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

Statement of Activity & Cash Flows

Statement of Activity & Cash Flows

  • 5-Year Data Summary
  • CFO Letter
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information
2ms

Revenues

IN MILLIONS for the Fiscal Year ended June 30...
2017 2016 2015
MBA Tuition & Fees $ 133 $ 127 $ 120
Executive Education Tuition 191 176 168
Publishing 221 217 203
Endowment Distribution 146 138 127
Unrestricted, Current Use Gifts 42 40 36
Restricted, Current Use Gifts 32 32 27
HBX 12 10 5
Housing, Rents, Interest Income, & Other 23 21 21
total revenues
$ 800 m.
$ 761 m.
$ 707 m.

Expenses

IN MILLIONS for the Fiscal Year ended June 30...
2017 2016 2015
Salaries & Benefits $ 327 $ 309 $ 294
Publishing & Printing 70 70 65
Space & Occupancy 68 62 68
Supplies & Equipment 12 14 7
Professional Services 63 65 52
Fellowships 48 47 44
University Assessments 24 22 20
Debt Service 4 4 5
Depreciation 40 38 34
Other Expenses 75 73 71
total expenses
$ 731 m.
$ 704 m.
$ 660 m.
2017 2016 2015
Cash from Operations $ 69 $ 57 $ 47
Depreciation 40 38 34
Non-Cash Items 1 – –
cash available for capital activities
$ 110
$ 95
$ 81
2017 2016 2015
Capital Expenses $ (78) $ (113) $ (81)
Change in Capital Project Pre-Funding 19 (12) (9)
Use of Gifts for Capital Projects 51 20 38
net capital expenses
$(8)
$ (105)
$ (52)
2017 2016 2015
New Borrowings $ 0 $ 0 $ 0
Debt Principal Payments (8) (7) (7)
Capitalization of Endowment Income (4) (3) (3)
Decapitalization of Endowments 3 5 5
Other Non-Reserve Activity (51) (7) 2
changes in debt & other
$ (60)
$ (12)
$ (3)
2017 2016 2015
Increase (Decrease) in Reserves
$ 42
$ (22)
$ 26
Beginning Reserves Balance
$ 103
$ 125
$ 99
Ending Reserves Balance
$ 145
$ 103
$ 125

* 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 2017, the School’s results for fiscal years 2015 and 2016 are presented in accordance with GAAP within the Statement of Activity and Cash Flows.

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