Statement of Activity & Cash Flows
1
(all in millions of dollars for the fiscal year ending June 30)
| Revenues | 2023 | 2022 | 2021 |
| MBA Tuition & Fees | $152 | $137 | $113 |
| Executive Education Tuition | 224 | 174 | 81 |
| HBS Online | 68 | 70 | 74 |
| Publishing | 310 | 302 | 274 |
| Endowment Distribution | 208 | 191 | 184 |
| Unrestricted, Current Use Gifts | 44 | 45 | 41 |
| Restricted, Current Use Gifts | 30 | 24 | 19 |
| Housing, Rents, Interests Income & Other | 31 | 23 | 19 |
| Total Revenues | $1,067 | $966 | $805 |
| Expenses | 2023 | 2022 | 2021 |
| Salaries & Benefitis | $457 | $428 | $386 |
| Publishing & Printing | 96 | 89 | 78 |
| Space & Occupancy | 82 | 73 | 64 |
| Supplies & Equipment | 14 | 10 | 10 |
| Professional Services | 77 | 53 | 46 |
| Fellowships | 66 | 57 | 53 |
| University Assessments | 28 | 27 | 21 |
| Debt Service | 4 | 2 | 2 |
| Depreciation | 43 | 45 | 46 |
| Other Expenses | 136 | 124 | 73 |
| Total Expenses | $1,003 | $908 | $779 |
| Cash from Operations | $64 | $58 | $26 |
| Depreciation | 43 | 45 | 46 |
| Non-Cash Items | - | 4 | - |
| Cash Available from Capital Activities | $107 | $107 | $72 |
| Capital Expenses | $(31) | $(43) | $(22) |
| Change in Capital Project-Prefunding | $2 | 10 | (14) |
| Use of Gifts for Capital Projects | 3 | 5 | 6 |
| Net Capital Expenses | $(26) | $(28) | $(30) |
| New Borrowings | $0 | $0 | $0 |
| Debt Principal Payment | (5) | (6) | (7) |
| Capitalization of Endowment Income | (4) | (5) | (6) |
| Decapitilization of Endowments | 5 | 4 | 1 |
| Other Non-Reserve Activity | (57) | (56) | 7 |
| Changes in Debt & Other | $(61) | $(63) | $(5) |
| Increase (Decrease) in Reserves | $20 | $16 | $37 |
| Beginning Reserves Balance | $227 | $211 | $174 |
| Ending Reserves Balance | $247 | $227 | $211 |
- “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.” ↑