Financials
Statement of Activity & Cash Flows
Statement of Activity & Cash Flows
Revenues
|
IN MILLIONS for the Fiscal Year ended June 30...
|
2020 | 2019 | 2018 |
|---|---|---|---|
| MBA Tuition & Fees | $ 136 | $ 140 | $ 138 |
| Executive Education Tuition | 146 | 222 | 207 |
| Publishing | 262 | 262 | 240 |
| Endowment Distribution | 173 | 162 | 150 |
| Unrestricted, Current Use Gifts | 37 | 40 | 44 |
| Restricted, Current Use Gifts | 23 | 28 | 35 |
| HBS Online | 58 | 43 | 19 |
| Housing, Rents, Interest Income, & Other | 26 | 28 | 23 |
| total revenues |
$ 861 m.
|
$ 925 m.
|
$ 856 m.
|
Expenses
|
IN MILLIONS for the Fiscal Year ended June 30...
|
2020 | 2019 | 2018 |
|---|---|---|---|
| Salaries & Benefits | $ 375 | $ 359 | $ 340 |
| Publishing & Printing | 81 | 77 | 74 |
| Space & Occupancy | 71 | 72 | 71 |
| Supplies & Equipment | 12 | 13 | 12 |
| Professional Services | 59 | 72 | 68 |
| Fellowships | 57 | 51 | 50 |
| University Assessments | 26 | 26 | 24 |
| Debt Service | 3 | 3 | 3 |
| Depreciation | 45 | 46 | 42 |
| Other Expenses | 102 | 102 | 82 |
| total expenses |
$ 831 m.
|
$ 821 m.
|
$ 766 m.
|
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Cash from Operations | $ 30 | $ 104 | $ 90 |
| Depreciation | 45 | 46 | 42 |
| Non-Cash Items | 1 | - | - |
| cash available for capital activities |
$ 76
|
$ 150
|
$ 132
|
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Capital Expenses | $ (negative43) | $ (negative38) | $ (negative92) |
| Change in Capital Project Pre-Funding | 8 | (negative3) | 10 |
| Use of Gifts for Capital Projects | 5 | 6 | 3 |
| net capital expenses |
$ (negative30)
|
$ (negative35)
|
$ (negative79)
|
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| New Borrowings | $ 0 | $ 0 | $ 0 |
| Debt Principal Payments | (negative7) | (negative9) | (negative8) |
| Capitalization of Endowment Income | (negative3) | (negative2) | (negative2) |
| Decapitalization of Endowments | 2 | 2 | 3 |
| Other Non-Reserve Activity | 7 | (negative95) | (negative73) |
| changes in debt & other |
$ (negative1)
|
$ (negative104)
|
$ (negative80)
|
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Increase (Decrease) in Reserves |
$ 45
|
$ 11
|
$ (decrease of27)
|
| Beginning Reserves Balance |
$ 129
|
$ 118
|
$ 145
|
| Ending Reserves Balance |
$ 174
|
$ 129
|
$ 118
|
* 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 2020, the School’s results for fiscal years 2018 and 2019 are presented in accordance with GAAP within the Statement of Activity and Cash Flows on the preceding page