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Annual Report 2020
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  • Annual Report 2020→
  • Financials
    • Financials
    • From the Chief Financial Officer
    • Financial Highlights
    • Statement of Activity & Cash Flows
    • Consolidated Balance Sheet
    • Supplemental Financial Information
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  • Financial Highlights→

Financials

Financials

  • From the Chief Financial Officer
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information

Financial Highlights

Financial Highlights

  • From the Chief Financial Officer
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information
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  • Operating revenues decreased 7 percent to $861 million, while operating expenses increased 1 percent to $831 million.
  • HBS Online revenue increased year over year, Harvard Business Publishing revenue remained flat, and Executive Education revenue declined.
  • The major areas of expense growth were salaries and benefits and fellowships.
  • New gifts and pledges totaled $75 million, compared with $150 million in fiscal 2019.
  • The return on the University’s endowment was 7.3 percent, compared with 6.5 percent in fiscal 2019.
  • The value of the School’s endowment (after the net impact of distributions from the endowment and the addition of new gifts) increased to $4.1 billion,from $4.0 billion a year earlier.
  • Capital investments in campus facilities and new construction increased to $43 million, from $38 million in fiscal 2019.
  • The School generated an operating surplus of $30 million, compared with $104 million for the prior year.
  • HBS ended fiscal 2020 with an unrestricted reserves balance of $174 million, compared with $129 million a year earlier.
  • The School’s total net assets increased to $5.2 billion, from $5.1 billion at the end of fiscal 2019, primarily reflecting the impact of growth in the market value of the endowment.
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