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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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  • Statement of Activity & Cash Flows→

Financials

Financials

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

Statement of Activity & Cash Flows

Statement of Activity & Cash Flows

  • From the Chief Financial Officer
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information
2ms

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

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