Statement of Activity & Cash Flows
(all in millions of dollars for the fiscal year ending June 30)
| Revenues | 2021 | 2020 | 2019 |
| MBA Tuition & Fees | $113 | $136 | $140 |
| Executive Education Tuition | 81 | 146 | 222 |
| HBS Online | 76 | 58 | 43 |
| Publishing | 274 | 262 | 262 |
| Endowment Distribution | 184 | 173 | 162 |
| Unrestricted, Current Use Gifts | 41 | 37 | 40 |
| Restricted, Current Use Gifts | 19 | 23 | 28 |
| Housing, Rents, Interests Income & Other | 17 | 26 | 28 |
| Total Revenues | $805 | $861 | $925 |
| Expenses | 2021 | 2020 | 2019 |
| Salaries & Benefitis | $386 | $375 | $359 |
| Publishing & Printing | 78 | 81 | 77 |
| Space & Occupancy | 64 | 71 | 72 |
| Supplies & Equipment | 10 | 12 | 13 |
| Professional Services | 46 | 59 | 72 |
| Fellowships | 53 | 57 | 51 |
| University Assessments | 21 | 26 | 26 |
| Debt Service | 2 | 3 | 3 |
| Depreciation | 46 | 45 | 46 |
| Other Expenses | 73 | 102 | 102 |
| Total Expenses | $779 | $831 | $821 |
| Cash From Operations | $26 | $30 | $104 |
| Depreciation | 46 | 45 | 46 |
| Non-Cash Items | - | 1 | - |
| Cash Available from Capital Activities | $72 | $76 | $150 |
| Capital Expenses | $(22) | $(43) | $(38) |
| Change in Capital Project-Prefunding | (14) | 8 | (3) |
| Use of Gifts for Capital Projects | 6 | 5 | 6 |
| Net Capital Expenses | $(30) | $(30) | $(35) |
| New Borrowings | $0 | $0 | $0 |
| Debt Principal Payment | (7) | (7) | (9) |
| Capitalization of Endowment Income | (6) | (3) | (2) |
| Decapitilization of Endowments | 1 | 2 | 2 |
| Other Non-Reserve Activity | 7 | 7 | (95) |
| Changes in Debt & Other | $(5) | $(1) | $(104) |
| Increase (Decrease) in Reserves | $37 | $45 | $11 |
| Beginning Reserves Balance | $174 | $129 | $118 |
| Ending Reserves Balance | $211 | $174 | $129 |