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.