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.