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2022 Annual Report

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  • Key Metrics
    • From the CFO
    • Financial Highlights
    • Statement of Activity & Cash Flows
    • Consolidated Balance Sheet
    • Supplemental Financial Information
  • PDF Downloads
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  • From the CFO
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information

2022 Annual Report

  • From The Dean
  • Key Metrics
  • PDF Downloads
  • From the CFO
  • Financial Highlights
  • Statement of Activity & Cash Flows
  • Consolidated Balance Sheet
  • Supplemental Financial Information

Financials

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

Statement of Activity & Cash Flows
1

(all in millions of dollars for the fiscal year ending June 30)

Revenues 2022 2021 2020
MBA Tuition & Fees $137 $113 $136
Executive Education Tuition 174 81 146
HBS Online 74 76 58
Publishing 302 274 262
Endowment Distribution 191 184 173
Unrestricted, Current Use Gifts 45 41 37
Restricted, Current Use Gifts 24 19 23
Housing, Rents, Interests Income & Other 19 17 26
Total Revenues $966 $805 $861
Expenses 2022 2021 2020
Salaries & Benefitis $428 $386 $375
Publishing & Printing 89 78 81
Space & Occupancy 73 64 71
Supplies & Equipment 10 10 12
Professional Services 53 46 59
Fellowships 57 53 57
University Assessments 27 21 26
Debt Service 2 2 3
Depreciation 45 46 45
Other Expenses 124 73 102
Total Expenses $908 $779 $831
Net Operating Surplus $58 $26 $30
Depreciation 45 46 45
Non-Cash Items 4 - 1
Cash Available from Capital Activities $107 $72 $76
Capital Expenses $(43) $(22) $(43)
Change in Capital Project-Prefunding 10 (14) 8
Use of Gifts for Capital Projects 5 6 5
Net Capital Expenses $(28) $(30) $(30)
New Borrowings $0 $0 $0
Debt Principal Payment (6) (7) (7)
Capitalization of Endowment Income (5) (6) (3)
Decapitilization of Endowments 4 1 2
Other Non-Reserve Activity (56) 7 7
Changes in Debt & Other $(63) $(5) $(1)
Increase (Decrease) in Reserves $16 $37 $45
Beginning Reserves Balance $211 $174 $129
Ending Reserves Balance $227 $211 $174
  1. “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 2021, the School’s results for fiscal years 2019 and 2020 are presented in accordance with GAAP within the Statement of Activity and Cash Flows on the preceding page.” ↑

Harvard Business School
Boston, MA 02163

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