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

Financials

Financials

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

Statement of Activity & Cash Flows

Statement of Activity & Cash Flows

  • 5-Year Data Summary
  • CFO Letter
  • Financial Highlights
  • Supplemental Financial Information
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
1ms

Revenues

IN MILLIONS for the Fiscal Year ended June 30...
2019 2018 2017
MBA Tuition & Fees $ 140 $ 138 $ 133
Executive Education Tuition 222 207 191
Publishing 262 240 221
Endowment Distribution 162 150 146
Unrestricted, Current Use Gifts 40 44 42
Restricted, Current Use Gifts 28 35 32
HBS Online 43 19 12
Housing, Rents, Interest Income, & Other 28 23 23
total revenues
$ 925 m.
$ 856 m.
$ 800 m.

Expenses

IN MILLIONS for the Fiscal Year ended June 30...
2019 2018 2017
Salaries & Benefits $ 359 $ 340 $ 327
Publishing & Printing 77 74 70
Space & Occupancy 72 71 68
Supplies & Equipment 13 12 12
Professional Services 72 68 63
Fellowships 51 50 48
University Assessments 26 24 24
Debt Service 3 3 4
Depreciation 46 42 40
Other Expenses 102 82 75
total expenses
$ 821 m.
$ 766 m.
$ 731 m.
2019 2018 2017
Cash from Operations $ 104 $ 90 $ 69
Depreciation 46 42 40
Non-Cash Items - – 1
cash available for capital activities
$ 150
$ 132
$ 110
2019 2018 2017
Capital Expenses $ (38) $ (92) $ (78)
Change in Capital Project Pre-Funding (3) 10 19
Use of Gifts for Capital Projects 6 3 51
net capital expenses
$(35)
$ (79)
$ (8)
2019 2018 2017
New Borrowings $ 0 $ 0 $ 0
Debt Principal Payments (9) (8) (8)
Capitalization of Endowment Income (2) (2) (4)
Decapitalization of Endowments 2 3 3
Other Non-Reserve Activity (95) (73) (51)
changes in debt & other
$ (104)
$ (80)
$ (60)
2019 2018 2017
Increase (Decrease) in Reserves
$ 11
$ (27)
$ 42
Beginning Reserves Balance
$ 118
$ 145
$ 103
Ending Reserves Balance
$ 129
$ 118
$ 145

* 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 2019, the School’s results for fiscal years 2017 and 2018 are presented in accordance with GAAP within the Statement of Activity and Cash Flows.

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